Someone bought nearly 7,000 BTC on the dip and put into the largest Canadian Bitcoin ETF
Bitcoin analyst from Quantum Economics Jan Wüstenfeld has shared a Glassnode chart, showing a massive inflow into Bitcoin Purpose ETF – roughly 6,900 BTC worth $203,347,830.
The transaction was conducted on May 12.
New ATH in BTC balance reached by Bitcoin ETF
Bitcoin Purpose ETF is the largest exchange-traded product based on Bitcoin in Canada. Besides, it is the first ever Bitcoin spot ETF available to retail investors and financial institutions. The analyst stressed that this was the largest inflow into the ETF in history.
The second biggest one was 2,900 Bitcoins (added on May 4) and now the Bitcoin Purpose ETF holds a total of 41,600 Bitcoins – that is a new all-time high, Wüstenfeld says. He commented that this Bitcoin was likely bought on the dip – at $29,500 – $30,000 per coin.
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Massive inflows for the Canadian #Bitcoin Purpose spot ETF. ? 6.9k $BTC have been added to the fund yesterday. By far the biggest inflow we have seen (2nd largest was 2.9k BTC). AUM is at a new all-time high of 41.6k BTC.
Someone bought that cheap bitcoin. ? pic.twitter.com/zDkhcjlP1V
— Jan Wüstenfeld ?? (@JanWues) May 13, 2022
ATH suddenly gone
However, the aforementioned analyst recently added that a major outflow of BTC followed the news about the ATH he had spread.
About an hour ago, he reported that the biggest single amount of Bitcoin was withdrawn from the ETF on May 13 – 5,050 coins. Therefore, the total amount of assets under management here now equals to 36,570 BTC.
When you share the positive news, you also have to share the negative ones. So here you go. ?
The biggest inflow to the Canadian #Bitcoin Purpose ETF was followed by the biggest outflow ever yesterday. Nearly 5.05k $BTC left the fund yesterday.
AUM is now at 36.57k BTC. pic.twitter.com/RlrcuxzKlx— Jan Wüstenfeld ?? (@JanWues) May 14, 2022
Bitcoin trading at a discount
Over the past 24 hours, the global flagship cryptocurrency has shed 4.62 percent, falling from the $30,000 it had managed to recover to the $29,328 level.
On May 7, BTC was trading in the $36,000 zone. The recent plunge has been provoked by the collapse of the Terra UST stablecoin and the native coin of the platform – LUNA.
UST lost its USD peg and has fallen to $0.22 by now, losing another 38 percent in the past 24 hours. LUNA is changing hands at $0.0004709, dropping by a whopping 1,108 percent in the past 24 hours, according to CoinMarketCap.
Earlier, U.Today reported that the Terra blockchain had been halted and its founder Do Kwon had suggested a recovery plan both for LUNA and UST.
Source: https://u.today/biggest-bitcoin-etf-in-canada-absorbs-6900-btc-largest-inflow-so-far