Vladislav Sopov
The number of bitcoins injected into exchange-traded funds is just 2,000 BTC away from the all-time high
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- Record-breaking inflow brings the Purpose Bitcoin ETF closer to new highs
- Market metrics are rising on historic Fed announcement
Purpose’s Spot Bitcoin (BTC) Exchange Traded Fund is the first-ever cryptocurrency ETF available to retail investors and institutions. Therefore, its momentum is a crucial indicator of market sentiment.
Record-breaking inflow brings the Purpose Bitcoin ETF closer to new highs
Yesterday, May 4, 2022, the highest daily value inflow was recorded for the Purpose Bitcoin (BTC) Spot ETF. This spike was noticed by automated on-chain monitoring service Glassnode.
Wow! 🔥 The biggest inflow ever was recorded yesterday for the #Bitcoin Purpose Spot ETF. More than 2.9k $BTC added in one day.🚀
The AUM is currently at 34.4,000 BTC and about 2,000 BTC away from the all-time high. pic.twitter.com/3y3sFGBQ0Q
— Jan Wüstenfeld 🇺🇦 (@JanWues) May 5, 2022
More than 2,900 bitcoins (BTC) were added to this tool in just 24 hours. The previous record was reset in March 2021 amid rising Bitcoin (BTC) euphoria ahead of its May 10 local high.
Record-breaking outflows reduced the volume of the Purpose Spot Bitcoin ETF by nearly 2,000 bitcoins, which registered in late February 2022 amid market panic.
To sue
Rapid inflows are not necessarily associated with imminent price increases. However, some analysts are treating them as a sign of confidence from Bitcoin (BTC) bulls.
Market metrics are rising on historic Fed announcement
The aggregate volume of assets under management for the Purpose Spot Bitcoin ETF is 34,400 Bitcoins (BTC). However, the ETF stopped just 2,000 BTC away from the new all-time high.
Such a surge in Bitcoin (BTC) bull optimism can be attributed to the announcement by the Fed’s Jerome Powell. Yesterday he announced that interest rates in the US will be increased by 50 basis points (bp).
This is the largest rate hike since 2000. An even more impressive 75 basis point hike is “not actively contemplated” by Federal Reserve officials.
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