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World's First Bitcoin ETF in Canada Buys Another $211.6 Million in BTC

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Mon, 12/13/2021 - 11:48
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Yuri Molchan
As per recent data, Purpose Bitcoin ETF has added another 4,342 Bitcoins on the dip
World's First Bitcoin ETF in Canada Buys Another $211.6 Million in BTC
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Chinese blockchain journalist and blogger Colin Wu has tweeted that Purpose Bitcoin ETF, the first institution of its kind in the country and in the world that was approved by regulators, has added 4,342 Bitcoins to its stash, now holding almost 29,000 BTC.

World's first Bitcoin ETF in Canada gains $211.6 million more in BTC

Wu has tweeted that, in the first two weeks of December, Purpose Bitcoin ETF, acquired 4,342 Bitcoins, adding it to its BTC stash. This amount of crypto totals $211,646,014 at the current Bitcoin exchange rate.

The overall amount of Bitcoin held by the fund is now equal to a whopping 28,974 BTC—$1,411,688,612, compared to the 24,632 it held before December. Thus, Purpose Bitcoin ETF has bought more BTC, while the world's flagship cryptocurrency is trading below $50,000 this month.

Bitcoin dives below $50,000 in December

The leading cryptocurrency has been in decline since the middle of November when it began dropping from the $63,000 area, first below $60,000 and then, on Dec. 3, from $57,082 to the $46,581 low.

Since then, the king crypto has managed only once to stick its head above the $50,000 line—on Dec. 7. Overall, however, it has so far been trading in the $49,000-$47,000 price range.

Related
First Traditional Bank in Europe to Add Ether to Its Cryptocurrency Services

From "extreme fear" to "fear"

As reported by U.Today earlier, last week, on Dec. 6, the Fear and Greed Index for the flagship cryptocurrency dropped to 16 (out of 100). That happened for the first time in almost half a year, signaling "extreme fear" on the market.

Analysts believe that this sharp fall took place due to Bitcoin's failure to stay above the $50,000 price line.

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Image via alternative.me

However, by now, the value of the index has surged to 28, which stands simply for "fear." Bitcoin is now trading at $48,748, as per the figures provided by CoinMarketCap.

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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 yuri.molchan@u.today.