- ETFs enable investors to speculate on the price of an item.
- The monthly outflow of 96,200 BTC from crypto exchanges hit the 2022 high.
Research shows that Canadian Bitcoin ETF holdings have hit all-time highs, and spot-based products drive the charge. Over the last month, Canadian Bitcoin ETFs have gained 6,594 Bitcoin (BTC) to 69,052 BTC, an all-time high. According to Glassnode, the Purpose Bitcoin ETF recorded the most significant net rise in holdings, with net growth of 18.7 percent to 35k BTC.
ETFs enable investors to speculate on the price of an item without having any physical holdings of the underlying asset. For example, over $1.68 billion in assets under management in the Purpose Bitcoin ETF, a spot Bitcoin ETF. Although there is no U.S.-based Bitcoin ETF at this time, indicators reveal that investors are eager for the Canadian product nevertheless.
Bitcoin in High Demand
According to Glassnode’s latest Week OnChain analysis, the monthly outflow of 96,200 BTC from crypto exchanges hit 2022 high. There has been a noticeable increase in Bitcoin purchases since mid-March. Shrimps and whales have been the most significant accumulators. There are two types of investors: Shrimps (investors with less than 100 BTC) and whales (investors with 1,000 to 10,000 BTC).
Terra’s Luna Foundation Guard (LFG) is one of the most significant recent purchasers, intending to acquire $3 billion in Bitcoin. A shortage of Bitcoin is becoming a concern as acceptance and investment growth across countries, organizations, and people. Since the 19 millionth coin was produced on April 1, only 2 million BTC remain to be mined. The rarity and purity character of Bitcoin as collateral may well be coming to the forefront once again, as per Glassnode.
