{"id":30272,"date":"2022-06-20T01:35:01","date_gmt":"2022-06-20T05:35:01","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=30272"},"modified":"2022-06-20T01:35:13","modified_gmt":"2022-06-20T05:35:13","slug":"canadas-bitcoin-etf-liquidates-50-of-its-holdings-in-a-single-day","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/canadas-bitcoin-etf-liquidates-50-of-its-holdings-in-a-single-day\/","title":{"rendered":"Canada’s Bitcoin ETF Liquidates 50% Of Its Holdings In A Single Day"},"content":{"rendered":"\n
Within 24 hours, Canada Bitcoin ETF<\/a> sold 24,500 BTC into the North American market last Friday.<\/h5>\n\n\n\n
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Bitcoin (BTC<\/a>) experienced strong selling over the weekend, with the BTC price plummeting to $18,000. Since then, Bitcoin has regained more than 10% and is now hovering around the $20,000 mark.<\/p>\n\n\n\n

Arthur Hayes, the co-founder of crypto exchange 100x, reports that Canada's Purpose Bitcoin (BTC) ETF sold a stunning 24,500 BTC by Friday close, North American time, citing Coinglass statistics. It means they sold half of their holdings in a single day, which is a large amount of BTC to sell in a single day.<\/p>\n\n\n\n

As previously stated, the BTC price fell below $18,000 during the weekend, reaching a low of $17,600. “Smells like a forced selling triggered a stop-loss run,” Hayes writes.<\/p>\n\n\n\n

Hayes anticipates more forced selling incidents in the future, citing the crypto loan market's grim history. Hayes says:<\/p>\n\n\n\n

“After the sellers dumped their bags, the market quickly rallied on low volume. Given the poor state of risk mgmt by\u00a0#cryptocurrency\u00a0lenders and over-generous lending terms, expect more pockets of forced selling of\u00a0$BTC\u00a0and\u00a0$ETH\u00a0as the market figures out who is swimming naked\u201d.<\/p><\/blockquote><\/figure>\n\n\n\n

After a severe drop last week, Bitcoin made a strong comeback on Sunday, June 19. For the time being, it is trading above $20,000, but the main question is how long it will last. Bitcoin detractor Peter Schiff writes\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>:<\/p>\n\n\n\n

“Don\u2019t get excited about Bitcoin\u00a0is back above $20K. 20 is the new 30. This is just another bull trap. Nothing drops in a straight line. This slow-motion crash has been extremely orderly. No sign yet of any capitulation that typically forms a bear market bottom\u201d.<\/p><\/blockquote><\/figure>\n\n\n\n

Soon after the United States issued its inflation figures for May 2022, Schiff projected that BTC will fall below $20,000 and ETH<\/a> would fall below $1,000. This occurred only a week after his prediction.<\/p>\n\n\n\n

Even Arthur Hayes admits that he is unsure whether there will be any more anguish. However, he feels that “talented knife catchers” will have more opportunities.<\/p>\n","protected":false},"excerpt":{"rendered":"

Within 24 hours, Canada Bitcoin ETF sold 24,500 BTC into the North American market last Friday. Bitcoin (BTC) experienced strong selling over the weekend, with the BTC price plummeting to $18,000. Since then, Bitcoin has regained more than 10% and is now hovering around the $20,000 mark. Arthur Hayes, the co-founder of crypto exchange 100x, […]<\/p>\n","protected":false},"author":33,"featured_media":30275,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[],"class_list":["post-30272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/bitcoin-etf-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/30272","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=30272"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/30272\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/30275"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=30272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=30272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=30272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}