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Purpose Bitcoin ETF Buys 1,750 BTC Within 2 Days on the Dip

Thu, 02/03/2022 - 14:16
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Yuri Molchan
Canada-based Bitcoin ETF acquires $64.2 million worth of Bitcoin within two days, while the price is in decline
Purpose Bitcoin ETF Buys 1,750 BTC Within 2 Days on the Dip
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Prominent BTC-related account on Twitter with 850.8K followers, @BTC_Archive, has shared that Purpose Bitcoin ETF (BTCC) has bought $64.2 million of Bitcoin in just two days. Miners have been accumulating the leading global cryptocurrency since the new Chinese crypto ban was announced in September last year.

1,750 Bitcoin bought in two days

A Glassnode chart shared by the @BTC_Archive account shows that Purpose Bitcoin ETF purchased almost 2,000 Bitcoins worth $64,218,350—slightly over 1,000 BTC were bought one day and followed by a purchase of another 750 BTC.

Prior to that, according to the chart, this year had seen much smaller buys and bigger sales of Bitcoin by the ETF.

However, similar amounts of the largest cryptocurrency were acquired per day by the fund in early and late December as well.

The fund was launched by Purpose Investments back in mid-February 2021, and it was the first ETF in the world back by a physically settled BTC. It started trading on the Toronto Stock Exchange on Feb. 18.

As of Feb. 2, 2022, the ETF holds 31032.128934 Bitcoins, which is the equivalent of a whopping $11,38,761,209.

On Nov. 30, Purpose Investments also announced the launch of Purpose Bitcoin Yield ETF, Purpose Ether Yield ETF, as well as Purpose Crypto Opportunities ETF.

MicroStrategy buys more BTC

As reported by U.Today a few days ago, business intelligence software giant MicroStrategy purchased another Bitcoin portion, adding 660 coins to its BTC stash. That was worth approximately $25 million on the day of the purchase.

In late December, MicroStrategy bought $94.2 million worth of Bitcoin. As of now, the company owns 125,051 BTC, equal to nearly $5 billion.

Besides, the head of the company, prominent Bitcoin evangelist Michael Saylor, had revealed that his personal Bitcoin stash amounts to 17,732 BTC, which is worth around $685 million.

Here's Why Bitcoin May Get Hurt by PayPal Shares Dropping 25%, Peter Schiff Opines

Miners have been accumulating Bitcoin since September

Another Glassnode chart shared by @BTC_Archive shows that Bitcoin miners have been accumulating BTC since late September when China announced a new cryptocurrency ban, forcing miners and exchanges to relocate from the country.

Three splashes of green (standing for accumulation) are marked on the chart since that period. The most recent one lasted much longer, with more BTC acquired, according to the chart.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at