Purpose Bitcoin ETF halves assets after capitulation by major investor

Outflow from the leading Canadian exchange-traded fund based on the first cryptocurrency, the Purpose Bitcoin ETF, as of June 17 amounted to 24,510 BTC. As a result, the structure’s AUM fell 51% to 23,273 BTC, according to Arcane Research.

According to experts, this is the largest liquidation in the short history of Bitcoin ETFs. The situation with the Purpose ETF could become a catalyst for the price of the first cryptocurrency to fall to $17,800.

As of writing, total outflows from bitcoin products since the start of June reached 18,315 BTC, according to expert estimates. In the absence of changes, the figure for this month will surpass the all-time low set in April 2022.

Earlier, Glassnode analysts said that Bitcoin’s fall below the $20,000 level caused a new wave of deleveraging and liquidations, which affected miners and long-term investors.

Earlier, DoubleLine Capital head Jeffrey Gundlach admitted that the price of the first cryptocurrency could fall to $10,000.

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