Main navigation

Biggest Bitcoin ETF in Canada Absorbs 6,900 BTC – Largest Inflow So Far

News
Sat, 05/14/2022 - 10:01
article image
Yuri Molchan
Someone bought nearly 7,000 BTC on the dip and put into the largest Canadian Bitcoin ETF
Biggest Bitcoin ETF in Canada Absorbs 6,900 BTC – Largest Inflow So Far
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News
Contents

Bitcoin analyst from Quantum Economics Jan Wüstenfeld has shared a Glassnode chart, showing a massive inflow into Bitcoin Purpose ETF – roughly 6,900 BTC worth $203,347,830.

The transaction was conducted on May 12.

New ATH in BTC balance reached by Bitcoin ETF

Bitcoin Purpose ETF is the largest exchange-traded product based on Bitcoin in Canada. Besides, it is the first ever Bitcoin spot ETF available to retail investors and financial institutions. The analyst stressed that this was the largest inflow into the ETF in history.

The second biggest one was 2,900 Bitcoins (added on May 4) and now the Bitcoin Purpose ETF holds a total of 41,600 Bitcoins – that is a new all-time high, Wüstenfeld says. He commented that this Bitcoin was likely bought on the dip – at $29,500 - $30,000 per coin.

ATH suddenly gone

However, the aforementioned analyst recently added that a major outflow of BTC followed the news about the ATH he had spread.

About an hour ago, he reported that the biggest single amount of Bitcoin was withdrawn from the ETF on May 13 – 5,050 coins. Therefore, the total amount of assets under management here now equals to 36,570 BTC.

Related
Cardano Whale Transaction Volume Soars – ADA Price Direction Change Likely, Santiment Says

Bitcoin trading at a discount

Over the past 24 hours, the global flagship cryptocurrency has shed 4.62 percent, falling from the $30,000 it had managed to recover to the $29,328 level.

On May 7, BTC was trading in the $36,000 zone. The recent plunge has been provoked by the collapse of the Terra UST stablecoin and the native coin of the platform – LUNA.

UST lost its USD peg and has fallen to $0.22 by now, losing another 38 percent in the past 24 hours. LUNA is changing hands at $0.0004709, dropping by a whopping 1,108 percent in the past 24 hours, according to CoinMarketCap.

Earlier, U.Today reported that the Terra blockchain had been halted and its founder Do Kwon had suggested a recovery plan both for LUNA and UST.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.