It would appear not everyone is complaining about the steep price correction bitcoin has experienced last month, as the Purpose Bitcoin exchange-traded fund (ETF) has been re-accumulating a significant amount of the crypto since mid-May, signaling investors are game to buy the dip.
In this regard, the demand for bitcoin among Canadian industry players did not waver despite the downtrend, implying market participants are intelligently capitalizing on discounted prices.
For its part, the February-launched Purpose Bitcoin ETF, as of June 13, has already accumulated 19,692.149 BTC according to Bybt data. Over the past seven days, it has added 284.51 bitcoin and nearly 2,000 since May 15.
Not concerned about price action
The May 19 flash crash that was marked by bitcoin’s dip below the $30,000 mark was also exploited and taken advantage of by the ETF as it added a sizable amount of the crypto on its holdings during that time.
At the price of around $36,000 per bitcoin, the Canadian bitcoin ETF fetched a value of over $709 million and in less than two months of operation, its assets ballooned to a stunning $1.3 billion.
These inflows to Purpose, according to technician Byzantine General, suggest that Canadians are not concerned about the crypto asset’s short-term price action. Instead, they leveraged it to increase their stash of the world’s leading digital currency by market capitalization.
Bitcoin’s path remains uncertain
According to CoinGecko tracking, at press time, bitcoin is changing hands at $38,969 and has been languishing below the $40K mark for the past month.
Analysts are divided as to where the path of bitcoin’s market cycle leads. Some expressed positivity in saying it is still in a good position to break triple-digit levels this year.
Some, though, are not that optimistic and believe the cryptocurrency is headed towards a bear market.
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