Business

Purpose Bitcoin ETF adds 1.1k BTC as data suggests investors look to “buy the dip.”

The world’s first Bitcoin (BTC) exchange-traded spot price fund (ETF) is buying back BTC after a month of selling.

Data from on-chain monitoring resource Coinglass confirms that the Canadian Purpose Bitcoin ETF added 1,132 BTC to its holdings on April 27.

Data: Buy the dip rates higher

Despite fears that Bitcoin isn’t quite finished with its sell-off, a reversal in Purpose suggests rising institutional demand.

Starting on March 28, when BTC/USD was trading above $48,000, Purpose started reducing its exposure, which at that point totaled 36,321 BTC. The increase on Wednesday is the first since March 25.

At the time of writing, Purpose held 31,162.7 BTC while BTC/USD was trading at $39,000.

blank
Purpose Bitcoin ETF BTC stock chart. Source: coin jar

The move coincides with numbers from statistics firm Santiment showing that interest in “buy the dip” in both Bitcoin and altcoins is also increasing.

Santiment measures so-called “audience interest” and records the largest increase in trends for “buy dip” and “buy dips” in six weeks.

“Societal interest in buying the dip has skyrocketed following recent crypto pullback,” accompanying Twitter comments summarized.

“The SP500 correlation is not going in favor of the cryptocurrency sector and mass fear will play a big part in the two markets breaking apart.”

blank
Bitcoin Crowd Interest Annotated Chart. Source: Santiment/Twitter

Flatlines of search interest

Other sources chronicling social interactions with the cryptosphere are less enthusiastic.

Related: GBTC premium nears 2022 high as SEC calls for Bitcoin ETF approval

Google search data shows that global search interest in “bitcoin,” for example, is at its lowest since October 2020.

What could nonetheless signal a bottoming phase for crypto markets, a rebound could now set the stage for the bullish start that marked the second half of the fourth quarter of this year.

As Cointelegraph reported, this week’s near-term sentiment is fearing the worst, with “extreme fear” being combined with calls for a return to $30,000.

blank
Worldwide Google search data for “Bitcoin” (screenshot). Source: Google Trends

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.