Purpose Investments Selling Bitcoin: Will Selling Pressure Build Up?

  • While the approval of spot Bitcoin ETFs in the United States has brought positive sentiment towards increased Bitcoin adoption, it has led to a fundamental shift on a global scale.
  • Bitcoin purchases have now intensified in other regions, such as Canada, Germany, and Sweden, compared to the cautious Bitcoin buying experienced in the US.
  • According to data provided by HODL15 Capital, Purpose Bitcoin ETF sold 199 BTC on Friday and 604 BTC in the last 7 days.

A sale is observed in BTC assets under Canadian investment firm Purpose’s Purpose Bitcoin ETF: Latest data!

Purpose Bitcoin ETF Selling BTC Assets

Bitcoin-BTC

Although the approval of spot Bitcoin ETFs in the United States has brought improved Bitcoin adoption sentiment, it has led to a fundamental change on a global scale. Purpose Bitcoin ETF, the largest Bitcoin ETF issuer in terms of asset management in Canada, has sold a significant amount of BTC.

Bitcoin purchases have now intensified in other regions, such as Canada, Germany, and Sweden, compared to the cautious Bitcoin buying experienced in the US. Canadians continue to sell the Bitcoins held in Purpose Bitcoin ETF after the launch of spot Bitcoin ETFs in the US.

According to data provided by HODL15 Capital, Purpose Bitcoin ETF sold 199 BTC on Friday and 604 BTC in the last 7 days. Following the approval of spot Bitcoin ETFs by the SEC, the US positioned itself at the top of the world’s spot Bitcoin ETF market, representing 83.3% of the market with a total asset of 34.78 billion dollars, accounting for 10 spot Bitcoin ETFs.

The US now represents 83.3% of the global spot Bitcoin ETF market with 41.74 billion dollars, surpassing Canada in this ratio. Canada, the neighbor of the US, previously led with a market share of 46.3%, according to research by CoinGecko.

What is the Current State of the Crypto Market?

Traders and analysts are looking at Bitcoin with skepticism for further bullish momentum and are focusing on Ethereum and altcoins. On Friday, there was a $233 million influx into the spot Bitcoin ETF.

The BTC price is currently trading at $51,013, having fallen more than 1% earlier this week. The 24-hour low and high values are $50,561 and $51,256, respectively. Additionally, the trading volume has decreased by 20% in the last 24 hours, indicating reduced interest among traders.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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