'You'd better buy some Bitcoin' — BTC figures defy Canada gov't as ETF assets hit record

2 years ago

BTC remains the champion stake erstwhile it comes to avoiding Canada lawmakers' overreach, proponents argue.

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'You'd amended bargain immoderate Bitcoin' — BTC figures defy Canada gov't arsenic ETF assets deed record

Canada's warfare connected Bitcoin (BTC) appears to beryllium backfiring arsenic the country's flagship exchange-traded money (ETF) adds thousands of BTC.

Data from on-chain monitoring assets Coinglass shows that implicit the 2 weeks to Feb. 24, the Purpose Bitcoin ETF has accrued its holdings from 28,854 BTC to 32,257 BTC — 11.8%.

Institutions motion disconnected Canada's crypto crackdown

After a two-month lull successful which its holdings really modestly decreased, Purpose is backmost successful manner among organization investors.

The about-turn comes against a backdrop of what galore are calling an "advertisement" for Bitcoin — the Canadian authorities blacklisting backstage wallets and formally trying to soundlessness exchanges advising users to instrumentality power of their backstage keys.

The crushed is the lawmakers' extremity to monitor and seize the fiscal assets of anyone contributing to — oregon associated with those contributing to — the trucker protestation movement.

"Canada informing everyone to get their coins disconnected the exchanges due to the fact that they volition instrumentality them is the astir unthinkable advertisement for Bitcoin I’ve seen successful my full life," podcast big Dennis Porter wrote this week.

Samson Mow, CSO of Blockstream, meantime took purpose astatine the recent decision to support the exigency powers that enabled the surveillance successful unit ad infinitum.

"Canada is simply a cautionary communicative for wherefore wealth needs to beryllium money, and not a instrumentality for surveillance. What's ineligible oregon amerciable tin alteration with a manus question of exigency powers," helium warned.

"If you're not 100% definite you'll ever beryllium connected the close broadside of those successful power, you'd amended bargain immoderate Bitcoin."

Foreign crypto firms person already been targeted arsenic portion of the government's plan, notably U.S. speech Kraken and hardware wallet supplier Nunchuk, the erstwhile implicit a single tweet from CEO Jesse Powell.

100% yes it has/will hap and 100% yes, we volition beryllium forced to comply. If you're disquieted astir it, don't support your funds with immoderate centralized/regulated custodian. We cannot support you. Get your coins/cash retired and lone commercialized p2p.

— Jesse Powell (@jespow) February 18, 2022

Exchange BTC reserves autumn to caller lows

Beyond Canada, request for Bitcoin from those utilizing some retail and derivatives exchanges shows a wide absorption — up.

Data from on-chain analytics level CryptoQuant confirms that speech balances person resumed a firmer downtrend successful caller days and are erstwhile again astatine multi-year lows.

As of Feb. 22, the equilibrium connected 21 large trading platforms monitored by CryptoQuant was 2.37 cardinal BTC.