This ETF Mobility Could Be Behind Bitcoin’s Drop

The world’s largest exchange-traded fund (ETF), operating in the spot bitcoin (BTC) market, suffered a huge loss last Friday.

Earlier in one day on Friday from the exchange-traded fund called Purpose Bitcoin ETF. more than everin total 24,510 bitcoins was out.

This fund, which started trading on the Canadian stock market in April 2021, will be around before Friday’s activity. 48k bitcoins while today about 23,300 bitcoins contains.

This activity towards the end of the week, the fund’s approximate 500 million dollar bitcoin caused it to sell.

According to research by Arcane Research, the drop in bitcoin price is partly due to this event. may have been triggered.

Vetle Lunde of the Arcane team wrote:

“The reason why so much money came out of the fund may be a trader who had to sell after suffering massive liquidation. This forced sale of 24,000 bitcoins, BTC price over the weekend It may have triggered a decline to $ 17 thousand 600

Meanwhile, another bitcoin fund, the 3iQ CoinShares Bitcoin ETF, last month. 7 thousand 401 bitcoins had exited.

On the other hand, BITO’s last week Growth equivalent to 4,115 BTC recorded alive. According to Arcane analysis, this is due to the drop in price for some investors. “to your advantage” may show.

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