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Last month in the US, the approval of the Spot Bitcoin ETF shook the entire market, opening the way for significant steps in Bitcoin adoption, but despite positive sentiments, it also brought about major global changes. Canada’s largest Bitcoin ETF issuer in terms of AUM, Purpose Bitcoin ETF, executed massive BTC sales.
Sale of 5000 BTC from Bitcoin ETFs
Looking at Bitcoin purchases, the US seems to be leading the list. Compared to market-leading countries like Canada, Germany, and Sweden, the US is showing a strong stance.
On the Canadian side, things are moving more seriously than expected. Following the approval of spot Bitcoin ETFs in the United States, Purpose continues to sell the Bitcoin held for its ETF. According to data provided by HODL15 Capital, the Purpose Bitcoin ETF sold 199 BTC on Friday and 604 BTC over the last 7 days.
Another notable point about the Purpose Bitcoin ETF is that the sales are not limited to these alone. Since the introduction of spot Bitcoin ETFs in the US, the company has sold more than 5000 BTC, reducing its Bitcoin assets from 35,710 BTC to 30,760 BTC.
US Overtakes Canada in BTC ETF Market
Following the approval of spot Bitcoin ETFs in January, it was revealed that a total of $34.78 billion was spent on 10 different spot Bitcoin ETFs.
The US holds 83.3% of the global spot Bitcoin ETF market, valued at $41.74 billion, consequently surpassing Canada. According to research by CoinGecko, Canada previously held 46.3% of the ETF market share and was in a leading position during that period.
Traders and analysts, who have been focusing on Ethereum and altcoins lately, have started to express more doubts about further upward movements in Bitcoin. Despite this, new entries worth $233 million were made into the spot Bitcoin ETF in the US on Friday.
As of the time of writing, the BTC price is trading at $51,090, up 1%. The lowest price in 24 hours was $50,561, while the highest was $51,256. On the other hand, BTC’s trading volume has decreased by 20% in the last 24 hours, dropping to $18 billion.
This situation could be interpreted as a decrease in interest in BTC among investors and traders, potentially harming the positive progression of the cryptocurrency. Nevertheless, BTC’s market cap continues to exceed 1 trillion dollars.
