Bitcoin ETF Issuer Sells Over 5000 BTC, Bitcoin Price Under Selloff Risk?
Highlights
- Canadians continue selling Bitcoin after the launch of spot Bitcoin ETFs.
- Purpose Bitcoin ETF Bitcoin holdings dropped 5000 BTC.
- US now represents 83.3% of the $41.74 billion global spot Bitcoin ETF market.
Spot Bitcoin ETF approval in the U.S. has brought a global fundamental shift, despite positive sentiment regarding improved Bitcoin adoption. Canada’s largest Bitcoin ETF issuer in terms of AUM, Purpose Bitcoin ETF, has sold massive BTCs.
Purpose Bitcoin ETF Sells 5000 BTC
Bitcoin buying is now more concentrated in the U.S. than in other regions such as Canada, Germany, and Sweden, which witnessed cautious Bitcoin buying.
Canadians continue selling Bitcoin held in Purpose Bitcoin ETF after the launch of spot Bitcoin ETFs in the United States. Purpose Bitcoin ETF sold 199 BTCs on Friday and 604 BTC in the last 7 days, according to data by HODL15 Capital.
Purpose Bitcoin ETF has sold over 5000 BTCs since the launch of spot Bitcoin ETFs in the U.S., with Bitcoin holdings dropping from 35.71K BTC to 30.76K BTC. Purpose Investments reported the AUM as 2.15B CAD (1.59B USD) and 31102.57709 BTC holdings until February 23.
US Overtakes Canada in Bitcoin ETF Market Share
After the spot Bitcoin ETFs approval by the SEC, the U.S. has established itself as the top country with $34.78 billion in combined assets across the 10 spot Bitcoin ETFs. The US now represents 83.3% of the $41.74 billion global spot Bitcoin ETF market, surpassing Canada. The US neighbor Canada had previously led with 46.3% in market share, as per research by CoinGecko.
Traders and analysts are skeptical of further upside momentum in Bitcoin, with Ethereum and altcoin in focus. The spot Bitcoin ETF inflow of $233 million on Friday.
BTC price currently trades at $51,013, down over 1% this week. The 24-hour low and high are $50,561 and $51,256, respectively. Furthermore, the trading volume has decreased by 20% in the last 24 hours, indicating a decline in interest among traders.
Also Read:
- US DOJ Tightens Grip on Binance Ex-CEO Changpeng “CZ” Zhao: Details
- Bitcoin (BTC) Price Flirts Near $51K Amid $233 Mln Bitcoin ETF Inflow
- Cardano’s Charles Hoskinson Joins Backlash Against Google’s “Racist” Gemini AI
- BSC Meme Season Ends as PumpFun Surpasses Four Meme Amid $8M Inflows
- ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana
- Trump Says Meeting with China May Not Happen, Bitcoin Drops
- The Great Rotation? Bitcoin Rises as Gold Sees Largest Daily Drop Since 2013
- Crypto Czar David Sacks to Meet Senate Republicans In Bid To Advance Market Structure Bill
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
