The world’s first Bitcoin ETF increases by $3 million per day during the BTC price decline

The world’s first regulated Bitcoin (Bitcoin) Exchange-traded funds (ETFs) actually benefited from the recent price drop, the data shows.

As an on-chain analysis service Glass node It was pointed out on June 24 that the target Bitcoin ETF continued to increase its assets under management throughout the second half of May.

Target ETF exceeds 20,000 BTC

in a Unusual success story Judging from the past few weeks, after the BTC/USD reached US$30,000 and below, Canada’s purpose did not see a significant reduction in holdings or demand.

Starting on May 15th, an average of 86.15 BTC entered the ETF every day, and a total of 3,446 BTC from then to June 24th.

Currently, Purpose holds a total of 21,114 BTC, valued at approximately US$720 million.

“Since the surrender event on May 19, the target Bitcoin exchange-traded funds (ETF) have been piling up,” the popular Twitter account Dilution-proof to sum up One of the various positive reactions to the data.

Purpose ETF BTC holdings and BTC/USD chart.Source: Glassnode/Twitter

The purpose is to First Such Bitcoin ETFs will be approved by regulators in February 2021. As Cointelegraph Report, The United States has not yet responded, but if the product also debuts there, the impact may be even greater given the size difference between the US and Canadian markets.

“How many countries will trade Bitcoin ETF before the United States?” Jameson Lopp, co-founder and CTO of Casa, Was asked this week.

Worried about the upcoming wave of potential selling

The news provides a pleasing rebuttal to the institutional experimentation faced by the Bitcoin price drop.

related: Is Wall Street becoming less and less interested in the Grayscale Bitcoin Trust?

Will see in the next few weeks Unlock Of BTC is stored in Grayscale Bitcoin Trust ($GBTC), which is expected to intensify the already strong selling pressure.

whale It has recently become the focus of attention, and only participants like MicroStrategy can maintain balance. Add to To their BTC position.