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The blockchain data aggregator outlined the increasing outflow of bitcoin on exchanges, and now its states are the same for bitcoin ETFs inflow.
Holdings of Canadian Bitcoin exchange-traded funds have increased at an all time high as per the recent research, which also outlined that spot based products topped among all. As per the report explained further, there was 6,594 bitcoin in the holdings of Canadian Bitcoin ETFs in January that increased until reaching an all time high of a total of 69,052 bitcoin holding.
Meanwhile, yet another ETF named the Purpose Bitcoin ETF has seen the biggest increase in its holding over the same period, which showcased a net growth of around 18.7% and reached upto 35,000 BTC, as per the Glassnode reports. A spot ETF for Bitcoin, the purpose Bitcoin ETF has about $1.68 billion in its asset under management currently,
Primarily, an ETF term for an exchange-traded fund allows investors in the fund to speculate or hunch on an asset’s price without holding the assets themselves. Although no such Bitcoin spot ETF is currently in the American region, the data and metrics show that those investors are desperate enough for the Canadian product.
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The on-chain analytics and data aggregator firm, Glassnode, stated that in a recent report of Week OnChian, the rare crypto exchange outflow for bitcoin reached a high of 96.2K BTC per month for this year. The analytics provider firm compared both the events concerning bitcoin movements, saying that to observe such strong bitcoin (spot holdings) outflows from exchanges and inflows into both products of ETF — DeFi applications on-chain wallets accumulation is quite impressive. The situation is surprising in terms of going against the odds, such as geopolitical headwinds and numerous macroeconomic situations in recent past months.
Accumulation of Bitcoin has been seen to be strong since last month when the so called shrimps and whales were the biggest accumulators. Shrimp are those investors whose holding of BTC is from 0 to 100 BTC, while whale investors have holdings of more than 1000 to 10,000 BTC. Such a whale investor turned out to be the Luna Foundation Guard of Terra, which has a mission of acquiring $3 billion worth of BTC. Further Bitcoin circulating supply of 21 million will reach its completion, that recently achieved the 19 million mark, and that would further affect the prices like never before.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
