Institutional or large players are starting to reenter the Bitcoin ecosystem, albeit tentatively.

Definition

The number of bitcoin flowing from/to the Purpose Bitcoin ETF.
Quick Take

Over 300 BTC have been added to the ETF for over three months, equating to over $6M.
Back in June 2022, during the Luna collapse, over 24,000 BTC were liquidated from the ETF holdings.
This drop saw the ETF holdings drop from 48,000 BTC to 24,000 BTC.
Since June, uncertainty has only escalated, which includes the FTX collapse and the ongoing issues with DCG, which has seen institutional appetite muted.
However, the price of Bitcoin has retraced the entire FTX collapse price dip, and the DCG/Genesis narrative is slowly ending. This has seen a slight appetite for ETF inflows.

Purpose Bitcoin ETF Flows: (Source: Glassnode)

Purpose Bitcoin ETF Holdings: (Source: Glassnode)

Research Analyst at CryptoSlate
James is passionate about data, technology, and identifying trends. James is a freedom and technology maximalist, seeing Bitcoin as the greatest invention of the 21st century.

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This article has been originally published at: https://cryptoslate.com/insights/purpose-bitcoin-etf-sees-over-6m-in-inflows-in-past-week/