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Canada’s Purpose Bitcoin (BTC) ETF sheds half of its holdings in one day

Bitcoin (BTC) experienced strong selling over the weekend, with the BTC price plummeting all the way to R288K. Since then, Bitcoin has regained more than 10% and is now hovering around the R320K mark.
Arthur Hayes, the co-founder of crypto exchange 100x, reports that Canada’s Purpose Bitcoin (BTC) ETF sold a stunning 24,500 BTC by Friday’s close, North American time, citing Coinglass statistics. It means they sold half of their holdings in a single day, which is a large amount of BTC to sell in a single day.

BTCC – Purpose ETF puked 24,500 $BTC into the North American Friday close. I’m not sure how they execute redemptions but that’s a lot of physical BTC to sell in a small time frame. pic.twitter.com/BY7foKdPjY

— Arthur Hayes (@CryptoHayes) June 19, 2022 

As previously stated, the BTC price fell below R288K during the weekend, reaching a low of R282K. “Smells like a forced seller triggered a run on stops,” Hayes writes.

Hayes anticipates more forced selling incidents in the future, citing the crypto loan market’s grim history. Hayes says:

“After the sellers dumped their bags, the mrkt quickly rallied on low volume. Given the poor state of risk mgmt by #cryptocurrency lenders and over generous lending terms, expect more pockets of forced selling of $BTC and $ETH as the mrkt figures out who is swimming naked”.

Is Bitcoin Nearing Its Bottom?

After a severe drop last week, Bitcoin made a strong comeback on Sunday, June 19. For the time being, it is trading above R320K, but the main question is how long it will last. Peter Schiff, a Bitcoin sceptic, writes:

“Don’t get excited about Bitcoin is back above $20K(R320K). 20 is the new 30. This is just another bull trap. Nothing drops in a straight line. In fact, this slow-motion crash has been extremely orderly. No sign yet of any capitulation that typically forms a bear market bottom. ”

Soon after the United States issued its inflation figures for May 2022, Schiff projected that BTC will fall below R320K and ETH would fall below R16 014. This occurred only a week after his prediction.

Even Arthur Hayes admits that he is unsure whether there will be any more anguish. However, he feels that “talented knife catchers” will have more opportunities.

Canada’s Purpose Bitcoin (BTC) ETF sheds half of its holdings in one day

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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