Large investors bet on bitcoin growth and buy Canadian Bitcoin ETF

Data from research firm Glassnode shows that Canadian Institutional Exchange-Traded Fund (ETF) investors remain bullish on Bitcoin.

The Purpose Bitcoin ETF was launched in February 2021 following approval from Canadian regulators.

As per Glassnode’s chart, Bitcoin ETF investors have been piling up stocks over the past two weeks, suggesting that demand for the flagship cryptocurrency hasn’t dried up yet.

“Over the past two weeks, the Canadian Bitcoin ETF has been increasing its assets. The demand still exists. «

Bitcoin reached record highs this year, but fell sharply after the statement of billionaire Elon Musk about the dangers of mining BTC for the environment, as well as the repression of the Chinese government against cryptocurrency miners.

From a record high of $ 63,000 in mid-April, the benchmark cryptocurrency fell to around $ 34,000, but the market plunge did not appear to scare Canadian investors away.

In June, Purpose Bitcoin ETF assets hit an all-time high of 19,692,149 BTC – this was when Bitcoin had already dropped to around $ 36,000, nearly half its historic high.

Purpose Bitcoin ETF is the first exchange-traded fund pegged to Bitcoin in Canada and North America.

“When we launched the Purpose Bitcoin ETF, we knew we were filling a gap in the market niche.

Reaching this milestone so quickly shows that investors are looking for convenient and secure access to cryptocurrencies, and also shows their confidence in our ETF as the main instrument, ”said Som Seif, founder and CEO of Purpose Investments Inc, which manages the fund.

The approval of a Bitcoin ETF in Canada was expected to encourage neighboring countries to do the same, but to date, regulators in the United States have not yet given the go-ahead for a Bitcoin-linked exchange-traded fund. The US Securities and Exchange Commission (SEC) Commissioner said on July 2 that:

«The SEC should have approved the launch of a Bitcoin ETF in the US a long time ago.»

Recall that Washington has not yet given permission to launch such an investment fund in the United States.

“I think if we were to apply our standards in the same way as to other products, we would already have approved one or more ETFs ,” commented SEC Commissioner Hester Pierce.

Pierce, who pushed for the approval of a Bitcoin ETF in the US, said the arguments used in the past to reject such a fund are no longer convincing. She also noted that the market is ripe for bitcoin thanks to the increased participation of institutional and retail investors.

Meanwhile, a trader known as Kaleo believes that institutional investor interest in bitcoin will push the price of the cryptocurrency up by the end of 2021 to a range of $ 185,000 to $ 215,000.

At the same time, Kaleo himself intends to take profits when the price of bitcoin reaches a level slightly above $ 150,000.

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