Canadian Bitcoin ETFs Hold More than 62000 BTC

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Canadian Bitcoin ETFs Hold More than 62000 BTC – As Canadian Bitcoin ETFs are growing in popularity among investors, North America is now leading the crypto industry. According to the most recent data from Glassnode, three Bitcoin ETFs traded in Canada own a total of 62,628 BTC.

Purpose ETF, Canada’s largest Bitcoin ETF, manages almost 30,000 bitcoins. This amount accounts for roughly 47% of the total holdings of Canadian BTC ETFs. Canada is one of the world’s fastest-growing crypto economies.

Also Read: JPMorgan’s Bitcoin Price Prediction

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In Canada, the use of digital assets is increasing. As a result, M&A activity has grown. WonderFi Technologies stated earlier this year that it has decided to buy Canadian crypto network Bitbuy.

“Three Bitcoin ETFs, totaling 62,628 BTC, or 0.33 percent of the circulating supply, are already trading in Canada.” “The Purpose Bitcoin ETF, with 29,847 BTC under management, accounts for nearly 47 percent of these assets,” Glassnode noted.

Purpose Investments offers a diverse range of cryptocurrency products. The business launched the first regulated Ethereum (ETH) exchange-traded fund last year.

Also Read: Bitcoin Outperforms Major Tech Stocks by an Average of 12%

Crypto Market Sentiment

The crypto markets recently formed optimistic sentiment suffered a severe hit over the weekend as a result of geopolitical uncertainties. “Bitcoin is staying just above the 50-day moving average while there are fears about Russia invading Ukraine today,” Marcus Sotiriou, Analyst at GlobalBlock, said of the price movement of Bitcoin and the global economic situation.

This anxiety stems from the uncertainty of war, as well as the fact that Joe Biden has stated that if Russia invades, he will shut down the Nord Stream 2 pipeline.”

“UBS, Switzerland’s largest bank, is less enthusiastic about cryptocurrency. UBS announced its position on crypto legislation in the United States on Friday – it’s apparent they expect Congress to take a long time to approve legislation, despite the push to be more decisive,” Sotiriou stated.

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