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- As per Glassnode, the ETP gradually increased its assets under management since May.
- Purpose now holds a total of 21,114 BTC which is worth around $720 million.
- The green light to the Canadian ETF could also significantly influence the US regulators, who are yet to examine the prospects of such crypto funds.
The very first Bitcoin exchange traded fund seems to have been immensely benefited from the recent bitcoin dips. The Purpose Bitcoin ETF has now surpassed the 21,000 BTC mark under its management even during the US government’s close examination of the crypto market. According to the data provided by the on-chain analytics service Glassnode,the ETP gradually increased its assets under management since May. The bitcoin product is managed by Toronto-based Purpose Investments and is traded under the ticker BTCC. Back in April, the first North American Bitcoin ETF already surpassed the $1 billion mark in assets.
Purpose Bitcoin ETF Affected by the Lows of June
Although Bitcoin hit record lows of $30,000 this month, the Canada-based Purpose Fund’s business has not been affected by any means. In fact, Purpose now holds a total of 21,114 BTC which is worth around $720 million. As of May 15, an average of 86.15 BTC per day began to enter the ETF for a total of 3,446 BTC between then and June 24. As per the Twitter account Dilution-proof tweeted on the positive aspects of the ETF. He added that since the sell-off event of May 19, the Purpose Bitcoin Exchange Traded Fund (ETF) just kept on stacking seats.
The US Crypto Community Patiently Waits for the Regulators to Approve ETFs
Back in February, the Purpose bitcoin ETF became the very first ETF to receive approval from the regulators and for the same reason it has seen immense investor interest. Although, in European countries ETF are pretty common, but in Canada, the regulators are more than skeptical about them. Just on the first day of its launch, $165 million worth of shares were traded by the investors. The green light to the Canadian ETF could also significantly influence the US regulators, who are yet to examine the prospects of such crypto funds.
Jameson Lopp, co-founder and chief technology officer of Casa, raised a question. He asked how many countries are going to have Bitcoin ETFs trading before the United States approves just one. The US crypto community has been more than patient in this respect. The Grayscale Bitcoin Trust (GBTC) is again set to unlock its 140,000 bitcoin by the end of the next month. The experts think that GBTC unlocking BTC assets would only increase the prevailing selling pressure of the market. Whales once again have returned to the market as firms like MicroStrategy continue to add BTC to their portfolios.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
