The world’s first Bitcoin (BTC) spot exchange-traded fund (ETF) is buying coins again after a month of sales.
Data from on-chain monitoring resource Coinglass confirms that on April 27, Canada’s Purpose Bitcoin ETF added 1,132 BTC to its holdings.
Data: interest in buying the dip skyrockets
Despite fears that Bitcoin has yet to finish its correction, a 180-degree turn in Purpose points to a surge in institutional demand.
Starting on March 28, when the BTC/USD pair traded above $48,000, Purpose began reducing its exposure, which at the time stood at 36,321 BTC. The rise in holdings on Wednesday is thus the first since March 25.
At the time of writing, Purpose held 31,162.7 BTC, while the BTC/USD pair was trading at $39,000.
This move coincides with figures from statistics firm Santiment, which show that interest in “buying the dip” for both Bitcoin and altcoins is also on the rise.
Measuring what it calls “crowd interest,” Santiment posted the biggest uptick in “buy the dip” and “buy the dip” trends in six weeks.
“Social interest in buying the dip has skyrocketed following the latest crypto pullback,” resume the comments that accompany Twitter.
“The SP500 correlation is not working in favor of the cryptocurrency sector, and mass fear will play a major role in the two markets breaking away from each other.”
Search interest decreases
Other sources recording social interactions with the crypto sphere are less enthusiastic.
Google search data shows that global search interest in the word “Bitcoin,” for example, is at its lowest point since October 2020.
In what could, however, be a sign of a bottoming phase for crypto markets, a bounce now could set the stage for the bullish launch that characterized the second half of Q4 that year.
As Cointelegraph reported, short-term sentiment is fearing the worst this week, with “extreme fear” compounding with voices calling for a return to $30,000.
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