Canada-based Bitcoin ETF acquired $66.4 million worth of Bitcoin within 48 hours, adding to several data points showing accelerating bitcoin scarcity.
Well known BTC-only Twitter account, @BTC_Archive, revealed that Purpose Bitcoin ETF (ticker BTCC) purchased $66.4 million of Bitcoin in just 48 hours during the dip.
Meanwhile, the number of bitcoin available for purchase has plummeted during the market downturn as various buyers step in. In fact, since the Chinese bitcoin and crypto ban came into effect in June last year, miners have been accumulating more bitcoin on aggregate.
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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 Bitcoin worth $66,391,135— marginally over 1,000 BTC were bought one day and followed by a purchase of another 750 BTC.
Canadian #Bitcoin ETF is buying the dip.
~1750 #BTC in 2 days. pic.twitter.com/uHkr576XRA— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) February 3, 2022
Bitcoin Illiquid Supply Accelerates
As reported this week, Bitcoin’s illiquid supply has consistently inched higher since May 2021, indicating that there is less bitcoin available for purchase worldwide.
As noted by Twitter account ‘Bitcoin archive’, there is now a fairly major divergence between bitcoin’s price trajectory and ‘hodler’ behaviour. The uptick in illiquid supply is due to various entities such as miners increasing their bitcoin holdings.
Miners accumulating #Bitcoin since China ban. pic.twitter.com/QBXquUNX83
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) February 3, 2022
The data reveals two major trends in Bitcoin:
- There is less Bitcoin available today than there was in April 2021.
- Miner operations have expanded operationally as well as in terms of bitcoin holdings since the China crackdown.
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