Number of Bitcoins injected into exchange-traded funds is just 2,000 BTC away from all-time high
Purpose’s Spot Bitcoin (BTC) exchange-traded fund is the first cryptocurrency ETF available to retail investors and institutions. As such, its momentum is a crucial indicator of market sentiment.
Record-breaking inflow pushes Purpose Bitcoin ETF closer to new highs
Yesterday, May 4, 2022, the highest daily inflow of value was registered for Purpose Bitcoin (BTC) Spot ETF. This spike was noticed by automated on-chain monitoring service Glassnode.
Over 2,900 Bitcoins (BTC) were added to this instrument in just 24 hours. The previous all-time high was set in March 2021 amid growing Bitcoin (BTC) euphoria ahead of its May 10 local high.
Record-breaking outflows reduced the volume of Purpose Spot Bitcoin ETF by almost 2,000 Bitcoins, registered in late February 2022 amid market panic.
Fast entries are not necessarily associated with future price increases. However, some analysts treat them as signs of Bitcoin (BTC) bull confidence.
Market metrics spike on Fed’s historical announcement
The aggregated volume of assets under management for Purpose Spot Bitcoin ETF is 34,400 Bitcoins (BTC). That said, the ETF stopped just 2,000 BTC away from the new all-time high.
Such an upsurge in Bitcoin (BTC) bull optimism can be attributed to the Fed’s Jerome Powell announcement. Yesterday he shared that interest rates in the United States are raised by 50 basis points (bps).
This is the largest rate hike since 2000. An even more impressive upsurge by 75 bp is “not actively considered” by U.S. Federal Reserve officials.
