ETF Bitcoin accrues 3M dollars daily amidst the decline in Bitcoin Price

ETF Bitcoin accrues 3M dollars daily amidst the decline in Bitcoin Price

The Canadian based Purpose Bitcoin (ETF), has amassed more than 21,000 BTC and is being scrutinized by regulatory bodies in America.

The Exchange Traded Fund (ETF) which was the first Bitcoin in the world to be regulated is fairing well despite the dip in prices.

An analysis made by Glassnode in June revealed that during the second quarter of May, the Canadian BTC’s fortune has consistently increased significantly.

It is unprecedented that the decline in prices did not affect the Canadian coin negatively in any way, instead they grew to own BTC of about 720M dollars.

The Canadian BTC was the first in the world to get regulated. According to a report, the coin has not been introduced in America but there are speculations that if it gets into the American market, it’s impact will be felt since the American market is  bigger than that of Canada.

This is considered good news especially given the current problems from institutions BTC has encountered following the decline in prices.

In weeks to come, Grayscale will unlock some BTC and this can increase pressure to sell. According to a tweet, Grayscale will unlock about 140 thousand BTC by July ending, even though they have unlocked a reasonable amount within April and June.

Aside from the Canadian coin, other business firms like the Whales have also been in the limelight lately. For example, MicroStrategy has consistently increased their Bitcoin in recent times.


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