Purpose Bitcoin ETF Adds 100 BTC, Cathie Wood’s Ark Fund Buys More GBTC and COIN Shares

The latest dip in prices saw many scooping off cheap coins while the crypto market remains in “extreme fear” and unresponsive to all the good news coming in.

The cryptocurrency market remains choppy, with prices continuing to show weakness while range trading.

Interestingly, amidst the ongoing sentiment of “extreme fear” in the market, the third-largest Bitcoin outflow of 2021 from centralized exchanges was recorded this week.

“A total of 39,040 BTC were withdrawn, the majority coming from Kraken (29,700 BTC),” noted IntoTheBlock.

However, it could be just in-house shuffling as Kraken had made some internal transfers over the weekend as well.

Scooping off cheap coins, however, is still happening as the market remains weak. Purpose Bitcoin ETF, the first one of North America, increased its holdings by 100 BTC, with its total holdings now standing at 19,508 BTC. Up until mid-May, the ETF’s holdings increased significantly but have since slowed down their pace.

As for its Ether ETF, it increased its holdings by a total of 574 ETH, with a total holding of 54,520 ETH. ETH -5.35% Ethereum / USD ETHUSD $ 3,327.86
Volume 14.23 b Change -$178.04 Open $3,327.86 Circulating 117.59 m Market Cap 391.31 b
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BTC Price vs Number of Bitcoin

Source: Bybt.com

Cathie Wood’s APK Ark Fund also purchased 18,746 shares of Grayscale Bitcoin Trust (GBTC) and 13,718 shares of Coinbase (COIN) this week.

ARKW now holds 7,441,692 shares of GBTC and 799,779 shares of Coinbase, accounting for 4.01% and 3.37%, respectively. APKK meanwhile holds 3,134,630 shares of Coinbase, accounting for 3.44%.

Bitcoin price, however, still went down to about $32,275 despite all the buying and good news the market is seeing.

This week, former US President Donald Trump came out and called bitcoin a competitor of USD, and MicroStrategy shared its plans to buy another $400 million worth of BTC.

Over the weekend, the El Salvador president announced that the country would declare Bitcoin a legal tender. Following this, Paraguayan Congressman Carlitos Rejala added laser-eyes to his Twitter profile. Rejala said,

“As I was saying a long time ago, our country needs to advance hand in hand with the next generation. The moment has come, our moment. This week, we will start an important project to innovate Paraguay in front of the world!”

Fabio Ostermann, leader of the New Party, a libertarian party in Brazil, also joined in along with Francisco Sánchez, a member of the Chamber of Deputies of Argentina, and Gabriel Silva, a Congressman in The National Assembly of Panama. Silva wrote,

“This is important. And Panama cannot be left behind. If we want to be a true technology and entrepreneurship hub, we have to support cryptocurrencies. We will be preparing a proposal to present at the Assembly.”

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