Cryptocurrency News

Canada’s Bitcoin ETF Increases Holding Despite Market Correction


bitcoin demand (B T cThe latest price correction among Canadian investors did not budge, providing further evidence that market participants have taken advantage of heavily discounted prices.

Objective Bitcoin ETF, which launched in February, has now deposited 19,692.19 BTC as of June 13, accordingly For Bybt data. The ETF has added 284.51 BTC in the past seven days and around 2,000 BTC since May 15.

The steep price drop hasn’t deterred Canadian investors from getting exposure to bitcoin. Source: BBT.

In fact, the ETF added to its holdings during this period. May 19 Flash Crash This saw bitcoin fall below $30,000 before a quick recovery.

At the current BTC price of around $36,000, the Objective Bitcoin ETF is valued at over $709 million. property increased Over $1.3 billion in less than two months of operation.

According to Technician Byzantine General, Purpose Flows in ETFs suggest Canadians are not worried about bitcoin’s short-term price action.

Indeed, on shorter time scales, bitcoin’s price action has been a concern for the bulls. The flagship cryptocurrency has been falling below $40,000 for the past month, strongly rebuffing every attempt to reclaim that level. A confluence of technical breakdowns, weak sentiment and negative headlines contributed to the bearish price action.

related: Bloomberg analyst says ‘discounted’ bitcoin more likely to reach $100K in 2021 than $20K.

Analysts are divided on the trajectory of bitcoin’s market cycle. Some believe we’re still on track Break the three-digit level this year, while others believe that we are Heading for a Bear Market. Investing in purpose funds shows that many investors are ignoring short-term volatility in favor of a longer-term outlook.

Fund managers in the United States hope to replicate the success of their Canadian counterparts by launching their own bitcoin ETF. As reported by Cointelegraph, the United States Securities and Exchange Commission Initiates formal review of three ETF proposals, with the first decision expected later this month.