It has been a while since the overall cryptocurrency industry has been experiencing a significant price drop. The industry has been trying to make a comeback and so far, things are not looking good for the entire cryptocurrency industry.
Among all cryptocurrencies, Bitcoin (BTC) is the cryptocurrency that has experienced the worst plunge. Since April, Bitcoin (BTC) has been experiencing a price downfall and has not been able to make a comeback at all.
In the past couple of months, Bitcoin (BTC) has experienced the worst liquidations and people are constantly moving away from Bitcoin (BTC). Even the daily transaction volumes of Bitcoin (BTC) have faced a huge reduction and the public sentiment has also started moving towards the bearish side.
Even when there is so much going on with the Bitcoin (BTC) market and its price, Canada does not seem to be bothered with it. The Bitcoin (BTC) investors are not worried about the current nature of Bitcoin (BTC) at all. Instead, they are confident that Bitcoin (BTC) will soon pick up and they need to make the most out of the current bearish run.
Since mid-April, Bitcoin (BTC) has made several attempts to make a comeback after each price correction but to no avail. Even when the Bitcoin Whales are having second thoughts about holding Bitcoin (BTC), the Canadian investors have their sentiments with Bitcoin (BTC).
According to the Canadian investors’ market, the investors are making full use of the current price drop and are making huge investments in it. The participation rate in the Canadian Bitcoin (BTC) markets has surged to all-time highs.
Even the Exchange Traded Funds (ETFs) currently operating in Canada are adding more and more Bitcoin (BTC) to their offerings. The first ETF for Bitcoin (BTC) launched in Canada was the Purpose Bitcoin ETF that had launched back in February 2021.
Since its launch until June 13, the particular ETF has accumulated a total of 19,692.149 BTC. According to one of the on-chain data analyzing firms Bybt, Purpose Bitcoin ETF has added 284.51 more Bitcoin (BTC) in the last 7 days. Since May 15, the Purpose Bitcoin ETF has added close to 2,000 BTC.
The Purpose Bitcoin ETF has also demonstrated a lot of agility in going for the BTC purchases. The stats show that on May 19, the particular ETF added the majority of the 2,000 BTC. It was on May 19, when BTC faced the worst price drop since the beginning of 2021 when its price dropped lower than $30,000.
Although the price drop was for a short period of time, still, it gave ample time to Purpose Bitcoin ETF to go for the BTC purchase.