Advertisement
AD

Main navigation

Purpose ETF Increases Its Bitcoin Holdings by 31%, Now Owns 32,329 BTC

Advertisement
Mon, 28/02/2022 - 10:35
Purpose ETF Increases Its Bitcoin Holdings by 31%, Now Owns 32,329 BTC
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News
Contents
Advertisement

According to data provided by OnChainCollege, the largest Canadian Bitcoin ETF has increased its Bitcoin holdings by 31%. The total number of coins held by the institution increased to approximately 32,329 BTC.

The total number of BTC purchased by ETF since November remains at approximately 32,329 BTC. Such a large buying volume was most likely followed by the accumulation initiated by large wallets. After every Bitcoin dip, the on-chain activity suggested that large buying power appeared on the market despite the negative price action. 

Orders were most likely placed in advance to allow the chance to receive Bitcoin at a significant discount as it quite often bounces after every volatile movement.

Bitcoin market performance

The increased buying rates of Bitcoin have been caused by a significant drop in the value of the first cryptocurrency. Since November, it lost 44% of its value and has failed to recover at least a half of it.

Bitcoin Chart
Source: TradingView

The worst months for Bitcoin in 2021 were November and December, when the digital gold lost approximately 20% of its value despite the market's attempts to fuel a recovery rally.

Altcoins follow the correction

Unfortunately for altcoin investors who prefer riskier exposure to the crypto market, the majority of alts, including Ethereum, Solana and Cardano have gained.

Related
$15 Billion Worth of Crypto Moved on Exchanges Amid Cryptocurrency Market Sell-Off

The overall correction on the cryptocurrency market is caused by numerous factors. But the initial drop was tied to the announcement of a rate hike in the United States, which caused the appearance of risk-off tendencies on both crypto and traditional financial markets.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD