Share this article
Splashy Canadian Bitcoin ETF Sees Inflows Slow as Price Drops
The fast-growing Purpose Bitcoin ETF was projected to hit $1 billion by the end of this week, but as of Friday the assets were less than $700 million.
Updated Sep 14, 2021, 12:18 p.m. Published Feb 26, 2021, 2:06 p.m.
The initial flood of assets into North America's first exchange-traded fund (ETF) tracking bitcoin has slowed to a trickle.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Purpose Investments' Toronto-listed Bitcoin ETF, launched Feb. 19, held 10,064 BTC on Thursday. While that looks to be an impressive first-week growth, the pace of increase in holdings has slowed in the past three days.
The ETF has collected just 1,766 BTC since Tuesday versus 8,288 BTC in the first two trading days, according to data source Glassnode. In dollar terms, the AUM has increased by just $60 million in the past three days to $624 million compared to $564 million in the first two days.
Bloomberg Intelligence ETF analyst Eric Balchunas had predicted that the ETF's AUM would rise to $1 billion by the end of this week. Essentially, the fund needs to collect at least $376 million by Friday's closing bell. The ETF trades on the Toronto Stock Exchange under the ticker “BTCC” and charges a management fee of 1%. Purpose's index information is provided by TradeBlock, a CoinDesk subsidiary.
The inflows have slowed in the wake of bitcoin's price pullback. The cryptocurrency peaked above $58,000 late Sunday and has been falling ever since. At press time, the cryptocurrency is down nearly 20% for the week at $46,300.
Also read: Canada's CI Global Files for What Would Be World's First Ether ETF
Nevertheless, inflows registered in the first week in BTC terms are significantly higher than bitcoin's average daily issuance (miner supply) of 900 seen over the past seven days.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin slides to $86,000 as slower rate cut risk, AI stock woes shake markets
Crypto-related stocks suffered far deeper declines as bitcoin slumped well below its recent trading range.
What to know:
- Bitcoin and major altcoins fell further throughout U.S. trading hours as macro uncertainty continued to pressure risk assets.
- Many crypto-related stocks, including leaders Coinbase and Strategy, posted deeper slumps than crypto itself.
- Wintermute's Jasper De Maere suggested the decline is and should remain orderly.
Top Stories
