Bitcoin, as per the proponents, is still the greatest hope for avoiding Canadian authorities’ overreach. Canada’s anti-Bitcoin campaign looks to be backfiring, with the country’s flagship exchange-traded fund (ETF) adding thousands of BTC. According to Coinglass, the Purpose Bitcoin ETF boosted its assets from 28,854 BTC to 32,257 BTC – an 11.8 percent rise — in the two weeks leading up to February 24.
The purpose BTC is back in favour with institutional investors after a two-month pause in which its holdings actually declined somewhat. The U-turn comes amid what many are calling an “advertisement” for Bitcoin, with the Canadian government blacklisting private wallets and legally attempting to stop exchanges encouraging customers to seize control of their private keys.
The reason for this is that politicians want to track and take the financial assets of everyone involved in the trucker protest movement. “Canada advising everyone to get their money out of exchanges because they will take them is the most wonderful marketing for Bitcoin I’ve ever seen,” Radio host Dennis Porter wrote this week.
Foreign crypto businesses have been attacked as part of the government’s agenda, most notably US exchange Kraken and hardware wallet maker Nunchuk, the latter due to a single tweet from CEO Jesse Powell. Outside of Canada, demand for Bitcoin from retail and derivatives exchanges is trending upward. Data from the on-chain analytics site CryptoQuant reveals that exchange balances have continued a stronger downturn in recent days and are now near multi-year lows.