Charting Its Growth Built for a ‘Purpose’ Bitcoin ETF

Bitcoin, the world’s largest cryptocurrency, has been in the news a lot lately thanks to its battle with price action. Despite these concerns, however, demand for Bitcoin ETFs has remained strong. According to recent statistics, the Purpose Bitcoin ETF even reached an all-time high in terms of holdings.

Built for a ‘purpose’

The world’s first spot-settled Bitcoin ETF documented impressive numbers, according to Glassnode data. †On-Chain College”, pointed out a market analyst to the flagship ETF’s gains of about 7,700 BTC since November. This represented an increase of 31% compared to the previous year. The ETF currently holds 32,329 BTC, says the analyst added†

On February 28, the chart looked like this:

Source: glass node

According to the chart, it gained about 1750 BTC in just two days earlier this month. At the time of writing, the ETF BTCC was painting the city green, according to these statistics from Yahoo Finance.

Source: Yahoo Finance

The previous market trend was…

On February 20, the said Bitcoin ETF attracted more than $33 million in Bitcoin, the third largest daily inflow to date. According to data provided by Glassnode, investors cast about 1.2K BTC in the fund, slightly lower than the inflow on December 6, 2021.

Outside of Canada, demand for Bitcoin from those using both retail and derivatives exchanges shows a clear direction – upward. exchange balances resume a firmer down trend in recent days and are again at multi-year lows.

In fact, number of addresses with 1+ BTC reaches a 10-month high of 818,406 on March 1, 2022. Bitcoin had at the time of writing increased up over 13% as it traded above $43k.

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