On-chain analytics firm Glassnode has revealed that the Purpose Bitcoin ETF has been adding $3 million daily to its assets under management (AUM) since the second half of May. Data from the analytics firm showed that the Bitcoin ETF benefitted from the recent Bitcoin crash last month.
Since the 15th of May, a total of 3,445 BTC has entered into the Canadian Purpose ETF. This equals an average of 86.15 Bitcoin per day. In total, the Purpose ETF now holds 21,114 BTC.
Uploading the Glassnode data on Twitter, popular Bitcoin bull Dilution-proof explained that the Bitcoin ETH has been “stacking sats” since the 19th of May capitulation event.
Although the US government is yet to approve a Bitcoin ETF in the country, Cointelegraph said that its debut would impact the US economy. The US Securities and Exchange Commission (SEC) is currently reviewing applications from Fidelity Investment and SkyBridge Capital. In total, the SEC has six ETF applications under review.
The US regulator cited concerns over price manipulation and volatility for its delay in approving a Bitcoin ETF in the country. The delay has triggered questions from members of the crypto community like Jameson Lopp, the founder of crypto startup Casa, who inquired in a tweet:
“How many countries are going to have Bitcoin ETFs trading before the United States?”
Image Credits: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
