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Largest Bitcoin ETF in Canada absorbs 6,900 BTC – largest inflow yet

Yuri Molkhan

Someone bought almost 7,000 BTC on the dip and invested in Canada’s largest bitcoin ETF

Quantum Economics bitcoin analyst Jan Wüstenfeld shared a Glassnode chart showing massive inflow into the Bitcoin Purpose ETF — approximately 6,900 BTC worth $203,347,830.

The transaction was completed on May 12th.

New ATH reached in BTC balance of Bitcoin ETF

Bitcoin Purpose ETF is the largest exchange-traded product based on Bitcoin in Canada. Also, it is the first-ever bitcoin spot ETF available to retail investors and financial institutions. The analyst stressed that this is the largest inflow into the ETF in history.

The second largest was 2,900 bitcoins (added May 4) and now the Bitcoin Purpose ETF holds a total of 41,600 bitcoins — a new all-time high, Wüstenfeld says. He commented that this bitcoin was likely bought on the dip – at $29,500 to $30,000 per coin.

To sue

Massive inflows for the Canadian #Bitcoin Purpose Spot ETF. 🔥 $6.9K BTC was added to the fund yesterday. By far the largest inflow we’ve seen (the second largest was 2.9,000 BTC). AUM is at a new all-time high of 41.6k BTC.

Someone bought this cheap bitcoin. 💪 pic.twitter.com/zDkhcjlP1V

— Jan Wüstenfeld 🇺🇦 (@JanWues) May 13, 2022

ATH suddenly gone

However, the aforementioned analyst recently added that a large outflow of BTC followed the news of the ATH he was circulating.

About an hour ago, he reported that the largest single amount of Bitcoin was withdrawn from the ETF on May 13 — 5,050 coins. Therefore, the total amount of assets under management here is now 36,570 BTC.

If you share the positive news, you must also share the negative. So, let’s go. 👇

The biggest inflow into Canada’s #Bitcoin Purpose ETF yesterday was followed by the biggest outflow ever. Almost $5.05k left the fund yesterday.
AUM is now at 36.57,000 BTC. pic.twitter.com/RlrcuxzKlx

— Jan Wüstenfeld 🇺🇦 (@JanWues) May 14, 2022

Bitcoin trading with discount

Over the past 24 hours, the global flagship cryptocurrency is down 4.62 percent, falling to the $29,328 level from the $30,000 it managed to recover.

On May 7th, BTC was trading in the $36,000 zone. The recent plunge was provoked by the collapse of stablecoin Terra UST and the platform’s native coin – LUNA.

UST has lost its USD peg and is now down to $0.22, down another 38 percent over the past 24 hours. LUNA is changing hands at $0.0004709 and is down a whopping 1,108 percent in the past 24 hours, according to CoinMarketCap.

Previously, U.Today had reported that the Terra blockchain had been halted and its founder, Do Kwon, had proposed a recovery plan for both LUNA and UST.

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