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Intro: Irrespective of the fact that the prices of Bitcoin are on a downward rally, yet the Canadians are bullish on the token and are adding more Bitcoin ETF to their holdings, taking the advantage of the discounted price of BTC.
There’s a heavy discount still seen in the bitcoin prices and the Canadians are cashing in on these discounted prices amidst the price correction. The demand for BTC is increasing among them further shows the positive sentiments in the market.
The Bitcoin ETF, which was launched in February has now collected 19,692.149 BTC till June 13 as per the data received by Bybt. The ETF has added 284.51 BTC in the past 7 days and approximately 2,000 BTC since May 15.
In the May 19 flash crash, the ETF added more BTC to its holdings, which saw bitcoin plummeting below $30,000 before quickly recovering. The current BTC price is $36,000, the purpose bitcoin ETF has a value of more than $709 million. It has increased to $1.3 billion in less than two months of operations.
Byzantine General, Technician believes that inflows into the ETF suggest that Canadians are not dubious about bitcoin’s short-term price correction. Hence, the bitcoin price action is a matter of concern for the bulls. Bitcoin has been showing slow signs and is below $40,000 for the past month. This price correction is witnessed due to the weakening sentiments, negative headlines and technical breakdowns.
Analysts opinion
The analysts are neutral on the price correction of bitcoin’s market cycle. Some analysts think that the market is on a track to break triple-digit levels this year, while others believe that the market is heading towards the bear. On the other hand, inflows into the purpose funds direct it that the investors are looking forward to long-term investments then short-term investments.
Fund managers in the U.S. are looking to replicate the success of their Canadian counterparts by launching their bitcoin ETF. The Securities and Exchange Commission of the United States has started the review of the three ETF proposals. The first decision is expected later this month. The regulators are still concerned about how the fund would be able to handle the volatile nature of the token. There are nearly 11 companies that will be launching the bitcoin ETF in the U.S. nine of them have failed since 2020, as per the report by Bloomberg.
As per the Galaxy Crypto index report by BBC, bitcoin is considered to be the strongest, greener currency that will see the light of the day soon. The prices of BTC is more likely to reach a six-digit figure this year, despite seeing a slowdown in the current prices.
On the other hand, others believe that the currency is in its bearish mode and the trajectory is in its short to immediate timeframes. Several analysts are forecasting the reset case of 2017, with one classic indicator predicting the token hitting a bottom of $16,000. Where are Willy Woo, Analyst from On Chain suggests that slowdown will eventually improve the network fundamentals and higher adoption rates?
Veteran analyst Peter Brandt believes that the worst of BTC price correction may not be over. He advises his Twitter followers to hold money in BTC only which they can afford to lose.
Bitcoin has gone down to 33% this month, the reason for it may be the regulatory concerns from China and criticism by Tesla Inc. CEO Elon Musk about its energy usage. The number one cryptocurrency is priced near $37,900 per BTC, roughly 40% down from mid-April week.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
