Crypto Inflow to Canadian BTC ETFs at All-Time High: Glassnode

Although the outflow of Bitcoin from exchanges has hit a yearly high, the inflow of Bitcoin into Canadian Bitcoin ETFs has set a new all-time high as investor confidence in the asset grows.

According to recent research, Canadian Bitcoin exchange-traded fund (ETF) holdings have increased to all-time highs. The research also shows that spot-based products lead the way in Bitcoin inflows.

Canadian Bitcoin ETFs have increased their holdings by 6,594 Bitcoin (BTC) since January 2022 to record an all-time high of 69,052 total BTC accumulated.

The biggest increase in holdings since January 2022 was recorded by The Purpose Bitcoin ETF, which saw a net growth of 18.7% to 35,000 BTC, according to Glassnode.

Further analysis by Glassnode, the blockchain analytics firm, had revealed that the cryptocurrency exchange outflow rate had reached a 2022 high of 96,200 BTC per month.

The analytics provider commented on the movement of BTC by saying,

It 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.

Glassnode had concluded their findings stating that “the scarcity and pristine nature of Bitcoin as collateral may well be returning to the foreground once again.”

The 19 millionth Bitcoin was mined on April 1, resulting in just over 2 million BTC left to mine. This scarcity of Bitcoin is a key point to note as adoption and investment increases across nations, corporations, and individuals.