‘Expect pockets of forced BTC, ETH selling as market figures who’s swimming naked’

ambcrypto.com:

The crypto-market is finally at the end of much-needed relief after an intense sell-out period, or rather months. In the last 24 hours, Ethereum [ETH] rose by 14%, Bitcoin [BTC] rose by 11%, and the liquidation amount did fall to around $315 million.

This uptick comes after a significant loss period, as is the case here…

The Purpose Bitcoin ETF, launched in February 2021, has seen consistent inflows over the years. However, given the market bloodshed, the ETF shed more than 50% of its holdings in a single day. Canada’s Purpose Bitcoin (BTC) ETF sold a staggering 24,500 BTC by Friday’s close i.e. they sold 50% of their holdings in a single day. That is a lot of BTC to sell in a single day.

Source: Glassnode

This dent is visible in the graph attached herein, although it did manage to rise again given the Bitcoin market’s ‘recovery.’ The inflows seem to align with a broader short-term tendency of institutional buyers to invest in crypto again.

While it may shed light on an “improving scenario,” Arthur Hayes, had a different narrative to share with the community.

BTCC – Purpose ETF puked 24,500 $BTC into the North American Friday close. I'm not sure how they execute redemptions but that's a lot of physical BTC to sell in a small time frame. pic.twitter.com/BY7foKdPjY

— Arthur Hayes (@CryptoHayes) June 19, 2022

Bitcoin’s price dropped to a low of close to $17,600 over the last 72 hours.

“Down almost 20% from Friday on good volume. Smells like a forced seller triggered a run on stops,” he added.

Source: Twitter

Ergo, despite the small hike in price, this could raise red flags across the crypto-market. Furthermore, Hayes expects several more episodes of forced selling, given the crypto-lending