Demand from institutions and individuals for bitcoin ETFs has resumed, after the drop that appeared in mid-May.

Consequently, ETF supervisors have increased their holdings of bitcoins by almost 30% in less than two months.

Bitcoin ETF holds approximately 22.5 thousand BTC:

As we noted in previous articles on Arab Bitcoin earlier this year when the Ontario Securities Commission of Canada (OSC) approved a file from the financial services company Purpose Investments to launch an exchange-traded fund to track the performance of the underlying cryptocurrency.

Once the fund was released, the Bitcoin ETF had a very positive start as it attracted more than $400 million in assets under management in just a few weeks.

Read:SEC indicts three individuals in connection with a fraudulent ICO of $30 million

However, a market-wide correction followed in May, driven by uncertainty and FUD from Elon Musk and China and an intensification of the downside by excessive leverage positions.

Thus, investors have stopped allocating money in Bitcoin ETFs

On the contrary, they sold large parts, and the company’s holdings declined rapidly.

This coincided with numerous reports claiming that institutional demand for Bitcoin has also declined.

However, the trend appears to have changed again, as recently confirmed by Glassnode.

Analytics firm Glassnode said on June 24:

Since May 15, a total of 3,446 BTC has flowed into ETFs, averaging 86.15 BTC per day.

This wasn’t a one-off event, as the latest data from the company underscores a resurgence in investor appetite.

Consequently, the Purpose Bitcoin ETF has continued to increase its Bitcoin holdings, as it currently holds just under 22,500 BTC.

At today’s US dollars, this huge amount is close to 800 million dollars.

What about the United States?

It’s worth noting that shortly after the Canadian regulator approved Purpose’s request, it did so for two other exchange-traded funds.

Read:Will Coinbase be the next Facebook?

However, the situation with Canada’s southern neighbor is significantly different.

The US Securities and Exchange Commission continues to reject many applications each year.

Several companies have submitted several applications to the US watchdog this year, and it appears that VanEck may be the closest to a positive outcome.

Interestingly, the SEC commissioner, Hester Pierce, recently argued that the regulator should have approved the Bitcoin ETF long ago because its screening methods are outdated.

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