Canada's Target Bitcoin ETF Continues to Systematically Accumulate Over Last Month's Price Drop

The Bitcoin (BTC) price is up 12% today, with a target of surpassing $40,000 after Elon Musk tweeted that Tesla would resume Bitcoin operations once 50% of the mining industry shifts to renewable sources. However, Bitcoin continued to drop seriously last month and traded sideways. However, that hasn't stopped institutional players from accumulating further. The Canada Target Bitcoin ETF has amassed approximately 2,000 Bitcoins in the past month and its total assets under management are currently worth approximately $900 million. According to data from Bybt, Purpose has accumulated about 2,000 Bitcoins in the past month. Just in the last week, he has added nearly 300 BTC to his cat. Courtesy: Bybt This clearly shows that institutional players are buying at every stage of the decline. Meanwhile, Bitcoin continued to fluctuate in the $30,000 to $40,000 range, with long-term holders squeezing more stocks into their pussy. Bitcoin Whales Squeeze More BTC As CoinGape reported last week, Bitcoin Whales have amassed more than 80,000 Bitcoins last month. This systematic buildup comes despite sideways trading over the past month. While most short-term traders posted net losses, long-term investors managed to stack stocks at lower prices. On-chain data provider Santiment argues that there is less chance of a big sell-off as the supply rate of Bitcoin on exchanges has been lower since the initial market-wide dump three weeks ago. While institutional backlog is bullish as of now, market analysts are currently divided over future BTC price action. Last week, JPMorgan analysts noted that we are entering a potential bear market that is likely to continue. The JPMorgan analysis is based on Bitcoin retrospective, where the spot market price is higher than the futures market price. When this last happened in 2018, Bitcoin was set for an extended two-year bear market period. Canada's P message

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