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Canada’s Bitcoin ETF Sees 898 BTC Inflow This Week As Retail Demand Resumes

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Thu, 05/27/2021 - 10:19
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Yuri Molchan
Purpose Bitcoin ETF has begun growing again after $35.2 million in BTC inflowed this week, signifying the resumption of retail Bitcoin demand
Canada’s Bitcoin ETF Sees 898 BTC Inflow This Week As Retail Demand Resumes
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Two charts provided by Glassnode analytics team show that over the past week, inflows into the Canada-based Purpose Bitcoin exchange-traded fund have resumed after a large decline, which likely means that retail demand for BTC is on the rise again.

$35.2 million in Bitcoin moves into Purpose ETF (BTCC)

As the price of the flagship cryptocurrency plunged below the $40,000 level twice earlier this month – first thanks to Elon Musk and Tesla, then due to Chinese authorities – it also affected the $660 million Purpose Bitcoin ETF fund.

Thus, the digital gold has lost around 33 percent overall due to the aforementioned triggers.

The Glassnode chart shows that, during this time, the flows of the ETF have demonstrated massive drops. However, they are going up now as per the graph shared by the analytics team.

In the past week, 898 Bitcoins have flown into the Canadian ETF, which equals $35,199,804.

The CIO of Moskovski Capital who shared the chart on his Twitter page has commented that this is likely to be the resumption of retail demand for Bitcoin.

BitcoinETFCanadaPurposeMayrise
Image via Twitter

Related
Fidelity's Bitcoin Fund Reports Over $100 Million in Sales

Peter Schiff names the hard level for Bitcoin to surpass

Prominent Bitcoin critic Peter Schiff, head of Euro Pacific Capital, and a gold lover, has shared his take on the hard time Bitcoin may have resuming growth to recapture the $50,000 level.

Responding to a tweet by vocal Bitcoiner Anthony Pompliano, who was on a high as Bitcoin briefly went to the $40,000 level, Schiff tweeted that the major cryptocurrency will find "a lot of resistance above $42,000."

SchiffBTC42000
Image via Twitter

Meanwhile, the number of Bitcoin exchange inflows has plummeted to a five-month low of 2,518.137, according to a recent tweet from the Glassnode team.

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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.