According to recent statistics, Bitcoin exchange-traded fund (ETF) holdings in Canada have reached all-time highs, while spot-based products are blazing a path.
Since January, Canadian Bitcoin ETFs have added 6,594 Bitcoin (BTC) to their portfolios, bringing the total number of BTC held to an all-time high of 69,052.
According to economictimes.com, the Purpose Bitcoin ETF saw the largest rise in holdings within that period, rising 18.7% to 35,000 BTC online.
An ETF is an exchange-traded fund that allows investors to bet on the value of a property without actually owning the assets. The Purpose Bitcoin ETF is a Bitcoin ETF that manages around $1.68 billion in assets. Despite the fact that there is presently no Bitcoin ETF available in the United States, evidence suggests that investors are eager for the Canadian offering.
In its most recent Week OnChain report, Glassnode, a blockchain analytics startup, stated that the crypto exchange discharge price would reach a monthly high of 96,200 BTC in 2022.
Since roughly mid-March, Bitcoin has been steadily increasing in value. The most active collectors have been rumored shrimps and whales. Shrimps are capitalists who own 0 to 100 BTC, whereas whales own 1,000 to 10,000 BTC.
With just 2 million BTC scheduled to be extracted since the 19 millionth coin was pulled on April 1, Bitcoin scarcity is becoming a big concern as governments, organizations, and individuals encourage and invest in the cryptocurrency.
“The scarcity as well as appealing character of Bitcoin as security may well be returning to the spotlight once more,” Glassnode added.