Canada’s Purpose Bitcoin ETF Continue Systematic Accumulation Over Last Month’s Price Decline

Published by
Canada’s Purpose Bitcoin ETF Continue Systematic Accumulation Over Last Month’s Price Decline

The Bitcoin (BTC) price is up 12% today aiming to surge past $40,000 levels after Elon Musk tweets that Tesla will once again resume Bitcoin transactions once 50% of the mining industry turns to renewables. However, Bitcoin has continued to remain on a serious decline and trading sideways over the last month.

But this hasn’t deterred institutional players from further accumulation. Canada’s Purpose Bitcoin ETF accumulated nearly 2000 Bitcoin’s over the last month with its total assets under management now worth nearly $900 million. as per data provided by Bybt, Purpose has accumulated nearly 2000 Bitcoins over the last month. Just over the last week, it added nearly 300 BTC to its kitty.

Courtesy: Bybt

Well, it clearly shows that institutional players are buying at every stage of the dip. Besides, as Bitcoin continues to oscillate in the $30K-$40K range long-term holders have been squeezing more supplies in their kitty.

Bitcoin Whales Squeeze More BTC

As CoinGape reported last week, Bitcoin whales accumulated over 80,000 Bitcoins over the last month. This systematic accumulation comes despite trading sideways over the last month. While many of the short-term traders ended up booking net losses, long-term investors managed to stack their supplies at lower prices.

On-chain data provider Santiment states there’s less likelihood of any major sell-off since the Bitcoin supply ratio at exchanges has been moving lower since the first market-wide dump three weeks ago. While institutional accumulation is a bullish outlook as of now, market analysts remain divided on the future BTC price movement from here onwards.

Last week, JPMorgan analysts noted that we are entering a potential bear market that is likely to stay for long. The JPMorgan analysis is based on Bitcoin backwardation wherein its spot market price is higher than its futures market price. The last time this happened in 2018, Bitcoin was set was a long period bear market lasting two years.

Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions

Standard Chartered analyst Geoff Kendrick has predicted that the Bitcoin price could suffer a significant…

October 22, 2025
  • News

Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7

Crypto ownership is a topic that has been discussed across major forums globally in the…

October 22, 2025
  • News

Robinhood Lists Binance Coin as BNB Outperforms BTC, ETH, SOL YTD By Over 30%

Crypto exchange Robinhood has listed the Binance coin for spot trading for its U.S. customers.…

October 22, 2025
  • News

Bitget Partners With Google Developer Group On Hackathon To Support AI Innovation

Bitget, a leading crypto exchange in the world, has joined forces with Google Developer Group…

October 22, 2025
  • News

Can Cardano Save Kadena? Hoskinson Reaches Out After KDA Token Plunges 60% Amid Shutdown

Kadena has announced it was shutting down operations, sending its KDA price into a freefall.…

October 22, 2025
  • News

Analyst Turn Bullish with $400 SOL Target as Hong Kong Approves First-Ever Solana ETF in Asia

Hong Kong has officially approved the region’s first-ever Solana ETF in Asia. This comes as…

October 22, 2025