Canadian BTC ETF Milestone: Records Broken

In a thrilling twist in the world of cryptocurrency, Canadian Bitcoin exchange-traded funds (ETFs) have reached unprecedented heights in holdings. Recent research reveals that since January, these ETFs have gobbled up a staggering 6,594 BTC, bringing their total to a dazzling 69,052 BTC. If that were a race, they’d be leading by a mile!

The Purpose Bitcoin ETF: The Heavyweight Champion

Leading the charge is the Purpose Bitcoin ETF, which has enjoyed a remarkable 18.7% uplift in holdings, now commanding about 35,000 BTC. With approximately $1.68 billion in assets under its management, it’s clear that investors are keen on this spot-based product. Meanwhile, in the United States, we’re left pining for a similar option. It’s like having a great restaurant in town but no one can eat there—just sad vibes all around.

Spot vs. Exchange Outflow: A Tale of Two Trends

According to blockchain analysts at Glassnode, there has been an observable spike in crypto exchange outflow rates, peaking at a whopping 96,200 BTC per month. This clearly indicates that while Bitcoin is flowing out of exchanges, it’s making a beeline for ETFs and decentralized finance (DeFi) applications. As Glassnode lovingly put it, “It is quite impressive…” In short, it’s a popular time for Bitcoin as it casually rolls off exchanges and onto the balance sheets of ETFs.

Bitcoin Accumulation: Shrimps and Whales Unite!

Since mid-March, Bitcoin accumulation has taken off like a cat on a hot tin roof. Enter our protagonists: Shrimps and Whales. Shrimps hold 0 to 100 BTC while Whales hold between 1,000 to 10,000 BTC. Together, they’ve now accumulated over 1.7 times the daily issuance, feasting on those BTC breadcrumbs like there’s no tomorrow. The ecosystem is beginning to mirror a classic game of Monopoly, where everyone’s just racing to collect more BTC properties.

The Looming Scarcity of Bitcoin

All of this brings us to a cliffhanger—the scarcity of Bitcoin. With only 2 million BTC left to be mined after hitting the 19 million mark, the stakes are getting higher. This scarcity could heighten Bitcoin’s status as a desirable asset, drawing attention from corporations, nations, and savvy investors alike. As Glassnode puts it, “the scarcity and pristine nature of Bitcoin as collateral may well be returning to the foreground once again.” Perfect, just when everyone thought it was losing its shine, Bitcoin stages a comeback worthy of the big screen!