Over the previous five trading days, the Canadian Purpose Bitcoin ETF, which was established in February 2021, has seen sustained inflows.
According to Jan Wustenfeld’s Glassnode data, the Canadian Purpose Bitcoin ETF assets have climbed to 43,701.7 BTC as of May 31. That’s the highest it’s ever been.
On May 26 and May 31, the Canadian spot Bitcoin ETF purchased 2,006 BTC and 2,780 BTC, respectively. The inflows appear to be in line with a broader short-term trend of institutional investors returning to crypto.
Last week, digital asset investment products received $87 million in cumulative inflows, with Bitcoin products accounting for $69 million of the total, according to Coinshares data.
This news comes as a welcome reprieve from the $141 million in total outflows from institutional funds in the week of May 24 as a result of last month’s market meltdown. Since July 2021, this was the highest outflow.
Still, the overall assets under management (AUM) indicator, according to the Coinshares report, is at its lowest position since mid-2021, as some institutional buyers appear to be waiting for lower prices before reinserting crypto into their funds.
When it comes to the market’s future, analysts are still gloomy in the short term, with estimates for Bitcoin falling as low as $14,000 and the latest price spike being labeled a bull trap.
Long-term projections, though, remain favorable, with investors continuing to accumulate Bitcoin and young generations remaining bullish.