First Bitcoin ETF Produced Purpose Accumulates 10,000 BTC With A Market Value Of $500 Million.

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Bitcoin ETF

The first North American Exchange-Traded Fund (ETF) launched by Purpose Group has rapidly acquired over 10,000 bitcoin on the markets over the past week. AUM (Assets Under Management) has reached more than $500 million due to a sharp correction in the price of Bitcoin.

Purpose Group

On February 18, the first day of trading, over $180 million worth of Bitcoin ETF contracts was traded. Investing institutions are increasingly acquiring more shares as the total holding of the Purpose BTC ETF is more than 10,000.

Grayscale Premium stock has fallen to a new low.

With the price of Bitcoin dropping, the closing price of the Purpose Bitcoin ETF was a new landmark, but so was the closing price of Grayscale’s GBTC Trust Premium. So far, there have been no Bitcoin ETFs authorised by the U.S. Securities and Exchange Commission (SEC), meaning that until now, the only way to get exposure to Bitcoin has been through private-market Bitcoin trusts. Shares issued by the Trust Fund shall be indexed to the value of Bitcoin.

This week’s price drop for Bitcoin did not cause a panic among institutions, as both the Purpose Bitcoin ETF hit a new milestone of 10,000 Bitcoin holdings, and a stunning 13,000 Bitcoin left Coinbase to move into separate custodial wallets.

At the beginning of today’s trading, Bitcoin fell to a daily low of $44,454, with $44,000 of critical help. But, at the time of this report, the price had already rebounded to $46,000. While the cryptocurrency price soared to a new all-time high above $42,000 last month, it showed similar price fluctuations in the previous month when it fell to a monthly low of $28,757. In the majority of January, the price remained below $33,000, a second all-time high in the second week of February when it was above $58,000.

all-time high

Based on the January price action, it appears that BTC is in a bounded range role and is likely to set off for new rallies at the end of January or the beginning of February.

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