Inflows to Canadian Bitcoin ETFs hit all-time high: Glassnode

According to recent research, Canadian Bitcoin ETF holdings have risen to new highs. Spot-based products are leading this trend.

Canadian Bitcoin ETFs increased their holdings by 6.594 Bitcoin (BTC), since January, to reach an all time high of 69.052 total BTC.

According to Glassnode, the Purpose Bitcoin ETF experienced the largest increase in holdings during that period, with a net gain of 18.7% to 35,000 BTC.

ETFs are exchange-traded funds that allow investors to speculate on asset prices without actually owning any. The Purpose Bitcoin ETF currently manages $1.68 billion of assets. There is no spot Bitcoin ETF available at the moment in the United States, but metrics indicate that investors are eager to find the Canadian product.

Glassnode, a blockchain analytics company, pointed out in its Week OnChain Report that crypto exchange outflow rates reached a 2022 peak of 96.200 BTC per monthly.

Analytics provider said that the juxtaposition of events relating to Bitcoin movements was a result of:

“It’s quite remarkable to see such strong outflows (spot holdings) from exchanges as well as inflows both into ETF products, DeFi apps, and on-chain accumulation wallets despite the many macroeconomic and geopolitical headwinds that have been experienced over recent months.”

Since mid-March, bitcoin accumulation has been very strong. So-called shrimps or whales are the biggest bitcoin accumulators. Shrimps can be investors with 0 to 100 BTC while whales can have 1,000 to 10,000 BTC.

The #Bitcoin network has minted the 19,000,000th $BTC. Shrimps accumulations exceed 1.7x daily issue. Also this week, there was an increase in buying from Luna Foundation Guard and inflows into the Purpose ETF and 1k+ $BTC Whales. Read our analysishttps://t.co/o0S5AsYPYO
— glassnode (@glassnode), April 4, 2022

Terra’s Luna Foundation Guard, (LFG), is one of the most recent buyers. It is currently on a mission for $3 billion in BTC.

Related: Terra buys $139M Bitcoin; wallet reaches 31,000 BTC

Since April 1st, the 19 millionth bitcoin was mined, there are only 2 million Bitcoins left to mine. This is a problem that has been causing concern as Bitcoin adoption and investment increases across countries, corporations, and individuals.

Glassnode stated that the “scarcity and pristine nature” of Bitcoin as collateral might be back in the forefront.

https://cointelegraph.com/news/inflows-to-canadian-bitcoin-etfs-hit-all-time-high-glassnode