Purpose Bitcoin ETF adds 1.1K BTC as data hints investors want to ‘buy the dip’

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The world’s first Bit­coin (BTC) spot price exchange-trad­ed fund (ETF) is buy­ing BTC again after a month of selling.

Data from on-chain mon­i­tor­ing resource Coin­glass con­firms that on April 27, Canada’s Pur­pose Bit­coin ETF added 1,132 BTC to its holdings.

Data: Buy the dip interest “skyrocketing”

Despite fears that Bit­coin is not yet done with its sell-off, an about turn at Pur­pose hints at increas­ing insti­tu­tion­al demand.

Begin­ning March 28, when BTC/USD trad­ed above $48,000, Pur­pose began reduc­ing its expo­sure, which at the time totaled 36,321 BTC. Wednesday’s increase is thus the first since March 25. 

At the time of writ­ing, Pur­pose held 31,162.7 BTC, while BTC/USD trad­ed at $39,000.

Pur­pose Bit­coin ETF BTC hold­ings chart. Source: Coinglass

The move coin­cides with fig­ures from sta­tis­tics firm San­ti­ment show­ing that inter­est in “buy­ing the dip” on both Bit­coin and alt­coins is also increasing.

Mea­sur­ing what it calls “crowd inter­est,” San­ti­ment record­ed the biggest uptick in trends for “buy dip” and “buy dips” in six weeks.

“Social inter­est in buy­ing the dip has sky­rock­et­ed after cryp­to’s lat­est pull­back,” accom­pa­ny­ing Twit­ter com­ments sum­ma­rized.

“The SP500 cor­re­la­tion is not work­ing in the favor of the cryp­tocur­ren­cy sec­tor, and crowd fear will play a large part in the two mar­kets break­ing apart from one another.”

Bit­coin “crowd inter­est” anno­tat­ed chart. Source: Santiment/ Twitter

Search interest flatlines

Oth­er sources record­ing social inter­ac­tions with the cryp­to sphere are less enthusiastic. 

Relat­ed: GBTC pre­mi­um nears 2022 high as SEC faces call to approve Bit­coin ETF

Google search data shows that world­wide search inter­est in “Bit­coin,” for exam­ple, is at its low­est since Octo­ber 2020.

In what could nonethe­less sig­nal a bot­tom­ing phase for cryp­to mar­kets, a rebound now could set the stage for the bull­ish launch that char­ac­ter­ized the sec­ond half of Q4 that year.

As Coin­tele­graph report­ed, short-term sen­ti­ment fears the worst this week, with “extreme fear” com­bin­ing with calls for a return to $30,000.

World­wide Google search data for “Bit­coin” (screen­shot). Source: Google Trends

The views and opin­ions expressed here are sole­ly those of the author and do not nec­es­sar­i­ly reflect the views of Cointelegraph.com. Every invest­ment and trad­ing move involves risk, you should con­duct your own research when mak­ing a decision. 



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