Canadian Bitcoin exchange-traded fund (ETF) holdings have increased to all-time highs according to recent research, and spot-based products are leading the way.<\/p>\n
Canadian Bitcoin ETFs have increased their holdings by 6,594 Bitcoin (BTC<\/a>) since January to reach an all-time high of 69,052 total BTC held.<\/p>\n The Purpose Bitcoin ETF saw the biggest increase in holdings over that time period with a net growth of 18.7% to 35,000 BTC, according to Glassnode. <\/p>\n An ETF is an exchange-traded fund that allows investors to speculate on the price of an asset without having to hold any themselves. The Purpose Bitcoin ETF, a spot Bitcoin ETF,\u00a0currently<\/a> has about $1.68 billion in assets under management. No such spot Bitcoin ETF is currently available<\/a> in the U.S. but the metrics show that investors are hungry for the Canadian product.\u00a0<\/p>\n Blockchain analytics firm Glassnode pointed out in its recent Week OnChain<\/em><\/a> report that the crypto exchange outflow rate reached a 2022 high of 96,200 BTC per month. <\/p>\n The analytics provider commented on the juxtaposition of events concerning Bitcoin movements by saying:<\/p>\n \u201cIt is quite impressive to observe such strong outflows from exchanges (spot holdings), as well as inflows into both ETF products, DeFi applications, and on-chain accumulation wallets, despite the numerous macroeconomic and geopolitical headwinds of recent months.\u201d<\/p><\/blockquote>\n Bitcoin accumulation has been strong<\/a> since around mid-March. The biggest accumulators have been so-called shrimps and whales. Shrimps are investors who hold 0 to 100 BTC, while whales are those who hold 1,000 to 10,000 BTC. <\/p>\n The #Bitcoin<\/a> network has mined the 19 millionth $BTC<\/a>, whilst accumulation by Shrimps alone surpass 1.7x daily issuance.<\/p>\n This week also saw an influx of buying from Luna Foundation Guard, inflows into Purpose ETF, and 1k+ $BTC<\/a> Whales.<\/p>\n Read our analysishttps:\/\/t.co\/o0S5AsYPYO<\/a><\/p>\n \u2014 glassnode (@glassnode) April 4, 2022<\/a><\/p><\/blockquote>\n Among the biggest recent buyers is Terra\u2019s Luna Foundation Guard (LFG) which is on a mission to acquire $3 billion<\/a> worth of BTC.<\/p>\n Related: <\/em><\/strong>Terra smash-buys $139M Bitcoin, wallet reaches 31,000 BTC<\/em><\/strong><\/a><\/p>\n With just 2 million BTC left to be mined since the 19 millionth coin was mined<\/a> on April 1, the scarcity of Bitcoin is becoming an issue of note as adoption and investment increase across nations, corporations, and individuals.<\/p>\n Glassnode concluded that \u201cthe scarcity and pristine nature of Bitcoin as collateral may well be returning to the foreground once again.\u201d<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/26c16f6b-e4fd-45f7-ab44-6e7509e5e288.png\")
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