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More 'forced selling' ahead? Purpose Bitcoin ETF holdings plunge by 51% in biggest outflow ever

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Canada's Purpose Bitcoin ETF (BTCC) witnessed its Bitcoin (BTC) holdings slashed by half in just one day, suggesting an alarmingly waning buying sentiment among the crypto's most-experienced investors.The fund's holdings dropped from $47,818 BTC to 23,307 BTC between June 16 and 17, its lowest level since October 2021.

The 51% drop in BTC holding is also the biggest daily outflow ever.Interestingly, another Canadian crypto fund, dubbed 3iQ CoinShares Bitcoin ETF, witnessed similar outflows, dropping from 23,917 BTC on June 1 to 12,668 BTC on June 17, suggesting the Purpose's massive BTC withdrawal was not an isolated event.The outflows came at the cusp of Bitcoin's brief break below $20,000, a psychological support level that served as the top during the 2017 bull run.

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