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Canadian Purpose Bitcoin ETF has been reaccumulating BTC since mid-May, a sign that investors are keen to buy the dip

Purpose Bitcoin ETF holdings have hit an all-time high of 19,692,149 BTC despite the current Bitcoin market decline.

The technician Byzantine General also tweeted about this:

Canadian Purpose Bitcoin ETF has been reaccumulating since mid-May, reached an all-time high of 19,692.149 BTC

The drop in the Bitcoin market did not scare off Canadian investors. By looking at the purpose of Bitcoin ETF re-accumulation, there is an indication that investors are buying down. In the last month, Purpose’s holdings have increased by 963 BTC. Its holdings at the current price amount to around $709 million.

canadian-purpose-bitcoin-etf-has-been-reaccumulating-btc-since-mid-may

Source: Glassnode

BTC is currently at $36,028, a sharp drop from its all-time high of $63,000. However, despite the flash crash that caused the price to drop to around $30,000, the ETF has steadily increased over time.

Purpose Bitcoin ETF launches in February 2021. It is hosted by the Canadian investment company Purpose Investments. The company has won approval for an ETF from Canadian regulators and continues to be successful. Two days after its launch, the ETF raised assets under management (AUM) to over $400 million.

This isn’t the only ETF Canada has or the only breakout that moves out of the country. In April, Purpose Investments marked another first, with the world’s first directly deposited Ether ETF. This ETF offers investors the opportunity to invest directly in physically settled Ethereum.

Bitcoin ETF is not only the first fund in Canada but also the first fund in North America. It is hoped that this bold move will encourage its southern neighbor, the United States. However, this is not the case.

The United States still approves an ETF, despite multiple applications from different parties. Also, it seems that even the success of the Canadian ETF could not shake the regulators.

Most recently, the SEC delayed a decision on VanEck’s latest filing just hours ahead of time. This puts it in the application stack of more than a dozen applications that are still hanging around.

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