More 'forced selling' ahead'? Purpose Bitcoin ETF holdings plunge by 51% in b...
The shocking Bitcoin withdrawals appeared as BTC's extended its decline below $20,000 over the weekend. Canada's Purpose Bitcoin ETF (BTCC) witnessed its Bitcoin (BTC) holdings slashed by half in just one day, suggesting an alarmingly waning buying sentiment among the crypto's most-experienced investors.Purpose Bitcoin ETF has 51% of AUM slashedThe fund's holdings dropped from $47,818 BTC to 23,307 BTC between June 16 and June 17, its lowest level since October 2021. The 51% drop in BTC holding is also the biggest daily outflow ever.Purpose Bitcoin ETF holdings. Source:....
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Bitcoin is back above $20,000 after seeing some relief during the weekend. The number one crypto by market cap dropped below its 2017 all-time high as selling pressure increased driven by the current macro-economic environment. Related Reading | Bitcoin Derivatives Exchange Reserve Surges Up As BTC Continues To Plunge At the time of writing, Bitcoin (BTC) trades at $20,500 with a 6% profit in the last 24 hours. The last seven days record a different story with a 24% loss. Former BitMEX CEO Arthur Hayes claims an institutional forced seller triggered the increase in selling pressure.....
Despite the price of Bitcoin falling, demand for Bitcoin ETFs remains strong. The Purpose Bitcoin ETF (BTCC), located in Canada, has reached an all-time high in terms of holdings. The Purpose Bitcoin ETF, which was the world’s first spot-settled Bitcoin ETF, presently has 32,329 Bitcoins. Glassnode Says Bitcoin ETF At ATH Purpose Bitcoin ETF’s holdings […]
Bitcoin has been facing some immense selling pressure today that has caused its price to plunge below $30,000 This was previously strong support for the crypto, and it is now testing the support it has at its multi-week lows of $29,000 Where the market trends next will likely depend largely on whether or not buyers […]
The world's flagship Bitcoin spot ETF is back buying Bitcoin after spending four weeks reducing its holdings. The world’s first Bitcoin (BTC) spot price exchange-traded fund (ETF) is buying BTC again after a month of selling.Data from on-chain monitoring resource Coinglass confirms that on April 27, Canada’s Purpose Bitcoin ETF added 1,132 BTC to its holdings.Data: Buy the dip interest "skyrocketing"Despite fears that Bitcoin is not yet done with its sell-off, an about turn at Purpose hints at increasing institutional demand.Beginning March 28, when BTC/USD traded above $48,000, Purpose....
Bitcoin mining profitability has been dropping along with the market decline. The cash flow from the mining rigs has become increasingly stunted over time, causing bitcoin miners to begin selling their holdings to cover the cost of their operations. But even as this rages on, there is a bigger issue that could threaten the recovery that BTC has made so far, which is the fact that larger miners may be forced to liquidate their holdings. Bitcoin Miners Can’t Meet Up Usually, bitcoin miners are known for holding the coins that they realize from their activities. Since miners are not buying....