Bitcoin (BTC) is still a popular destination for large institutional investors as well. This is apparent from, among other things, data from Glassnode about the Bitcoin exchange-traded fund (ETF) which was approved in Canada early this year. The fund has smashed bitcoin a lot in the past two weeks!
Canada launched the first-ever bitcoin ETF on North American soil in February in approved by the Ontario Securities Commission (OSC). An ETF is an investment vehicle that tracks a price index. It is a kind of mutual fund that follows the price of bitcoin and makes the cryptocurrency market more accessible for institutional investors.
And the ETF is doing well. It can be seen that, especially in the past two weeks, after a small dip, investors are investing heavily in the ETF again.
“Canadian Bitcoin ETF has ramped up its holdings over the past two weeks.
Demand is still there.”
Canadian #Bitcoin ETF have been ramping up its holdings the last two weeks.
Demand is still here. pic.twitter.com/QKbLnyHzFA
– Lex Moskovski (@mskvsk) July 3, 2021
The fund now holds more than 20,000 bitcoins, a nice start for a fund that is only a few months old. It is also striking that the number of bitcoins that are part of the fund has increased again in recent weeks. This may indicate that major investors are buying the dip.
Recently, we saw a number of other positive signs. Big bitcoin whales have been buying large amounts of bitcoin over the past few days. Blockchain analytics firm Santiment said:
Bitcoin’s whale addresses with between 100 and 10k BTC started July with an accumulation peak of 60k BTC, the highest daily peak of 2021. These addresses together hold 9.12 million BTC while they had 100k less BTC just 6 weeks ago.
Read in this article more about this news. Furthermore, the price currently forms a similar pattern to the price in 2019. Then bitcoin was able to recover after also a significant correction. You can read more about that in this article!
Curious about the current state of the bitcoin price? Watch the video update from our analyst Michiel here. Every weekday he presents the Insiders with an analysis in which he shares his view!
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