The Canadian spot bitcoin ETF has been accumulating the crypto over the past five days.

Evidence is emerging that investors are bottom-fishing bitcoin using the TSE-listed Purpose Bitcoin ETF (TSE: BTCC.U). The ETF has witnessed mounting investor interest because it has reported inflows continuously over the past five days, taking its holdings to a record high of 43,701.7 BTC as of Tuesday. (COIN TELEGRAPH)

However, Canadian investors may not entirely be responsible for the inflows. With effect from May 12, the Cosmos Purpose Bitcoin Access ETF launched on the Cboe Australia exchange. When an Australian invests in the Cosmos ETF, the fund invests directly in the Purpose Bitcoin ETF in Canada, which invests directly in spot Bitcoin.

Purpose Bitcoin ETF chart

A look at the chart of the ETF shows that the accumulation is happening at a point coinciding with the July 2021 low in the ETF’s price (see the black circle nestling on the green dashed line)

Data from Coinshares also validates the ‘buy-the-dip’ view – cumulative flows into digital asset investment products rose $87 million last week. Out of this $69 million was accounted by bitcoin products. There is speculation that institutional buyers may have a hand in this.

This inflow figure would be a comfort to bitcoin bulls, however, still reeling from the outflow of $141 million from institutional funds recorded in the week of May 24.

The inflows into the Purpose Bitcoin ETF may also indicate a turn of the tide.

Related Story: Australia’s First Bitcoin ETF May Debut Next Week