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The Purpose Bitcoin ETF experienced outflows of 24,510 BTC on Friday
The world’s largest Bitcoin spot exchange-traded fund (ETF) lost half of its assets in one day last week, potentially exacerbating the weekend’s sell-off.
The Purpose BTC ETF
According to the Norway-based research firm Arcane Research, the Purpose Bitcoin ETF experienced the largest single-day redemption in its 14-month history on Friday.
Outflows for the fund listed on the Canadian Stock Exchange totalled 24,510 Bitcoins, meaning that it had to sell around $500m (£406m). As a result of the sell-off, Purpose is no longer the largest Bitcoin exchange-traded product (ETP) provider in the world.
The significant and sudden outflow was likely caused by a forced seller in a substantial liquidation.
The cryptocurrency market has been rocked by a slew of uncertainty surrounding prominent cryptocurrency lenders such as BlockFi and Celsius, with the former seeking additional financing to stay afloat and the latter halting client withdrawals to prevent a bank run.
Prominent cryptocurrency hedge funds have also suffered. Most notably, Three Arrows Capital – which had over $3bn worth of cryptocurrencies under management in April – has called in lawyers and advisers to help it repay creditors and investors.
With large amounts of Bitcoin being forced back onto the public market, the cryptocurrency fell from around $22,500 on Friday to $17,601 on Saturday, a 20% decline.
SafeMoon top project on BNB Chain with the highest social engagement
SafeMoon has been named the crypto on Binance’s BNB Chain with the highest social engagement.
SafeMoon came in first with 171 million social interactions then followed by Baby Doge Coin (BABYDOGE) with 138 million and Pancake Swap (CAKE) third with 134 million according to results which were updated on 20 June.
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