Canada’s war on bitcoin (BTC) appears to be going backwards as the country’s leading exchange-traded fund (ETF) adds thousands of bitcoins.
Data from network monitoring resource Coinglass shows that in the two weeks to February 23, the Purpose Bitcoin ETF increased its assets from 28,854 BTC to 32,257 BTC – 11.8%.
Institutions don’t care about Canadian cryptocurrency
After a two-month hiatus during which assets declined somewhat, Purpose is back in vogue among institutional investors.
Target a Bitcoin ETF BTC wallet. Source: Coinglass
The cover comes amid what many are calling a bitcoin “advertisement” – the Canadian government is blacklisting private wallets and officially trying to curb exchanges that advise users to take control of their private keys.
The reason is that lawmakers have set themselves the goal of controlling and seizing the financial assets of anyone who contributes or is associated with those who facilitate the truck drivers’ protest movement.
Podcast host Dennis Porter wrote this week: “Canada warns everyone not to buy their coins on exchanges because they want to take it is the most amazing bitcoin ad I’ve seen in my entire life.”
Meanwhile, Samson Mo, Head of Strategy at Blockstream, has been pushing for a final decision to retain emergency services, allowing for indefinite monitoring.
Canada warns why money should be money, not a watchdog. He warned that what was legal and what was illegal could be changed with a wave of emergency forces.
“If you are not 100% sure that you will always be on the side of those in power, you should buy some bitcoin.”
Foreign crypto companies have already been targeted as part of the government’s plan, notably US exchange Kraken and hardware wallet provider Nunchuk, the first of which was due to one tweet from CEO Jesse Powell.
BTC exchange reserves drop to a new low
Outside of Canada, the demand for bitcoin from those using both retail and derivative exchanges is showing a clear upward trend.
Related: Bitcoin Mayer returns to July 2021 levels multiple times in a new sign. 37 thousand dollars BTC is a long-term purchase
Data from on-chain analytics platform CryptoQuant confirms that the foreign exchange balance has resumed a more sustained downtrend in recent days, again at a multi-year low.
As of February 22, the balance of 21 major trading platforms monitored by CryptoQuant has reached 2.37 million bitcoins.