Demand for Bitcoin ( BTC ) among Canadian investors has not waned in the face of the recent price correction, providing further evidence that market participants are capitalizing on heavily depressed prices.
The Target Bitcoin ETF, which launched in February , has now accumulated 19,692,149 BTC as of June 13, according to data from Bybt. The ETF has added 284.51 BTC in the last seven days and nearly 2,000 BTC since May 15.
In fact, the ETF added to its holdings during the May 19 flash crash, in which bitcoin fell below $30,000 before quickly recovering.
With a current BTC price of about $36,000, the Purpose Bitcoin ETF has a value of more than $709 million. Assets have grown to over $1.3 billion in less than two months of operation .
According to a Byzantine General technician, the inflows into the Purpose ETF suggest that Canadians are not concerned about the short-term price action of Bitcoin.
Indeed, on a shorter time scale, Bitcoin's price action has been a source of concern for bulls. The flagship cryptocurrency has been falling below $40,000 over the past month, and any attempt to regain that level has been vigorously rebuffed. A confluence of technical breakdowns, weakening sentiment and negative headlines contributed to the bearish price action.
