Bitcoin ETF Issuer Sells Over 5000 BTC, Bitcoin Price Under Selloff Risk?

Varinder Singh
February 24, 2024
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Bitcoin ETF To Grab $5B AUM From Over 700 Institutional Investors: Bitwise CIO

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.

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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.

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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.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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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.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.