Vote for this post Share this post on:

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.


Cryptocurrencies aren’t going away. Buy Bitcoin & Litecoin here.


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.

Before that, the ETF saw a string of relatively smaller purchases of the Bitcoin through the ETF. However, similarly sized orders went through in late December as well.
The fund was launched by Purpose Investments back in February 2021, boasting a world-first physically settled Bitcoin ETF, which started trading on the Toronto Stock Exchange on Feb. 18.
As of Feb. 3, 2022, the ETF holds 30966.081745  Bitcoin,  equivalent of a whopping $1,176,077,881.

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.

The data reveals two major trends in Bitcoin:

  1. There is less Bitcoin available today than there was in April 2021.
  2. Miner operations have expanded operationally as well as in terms of bitcoin holdings since the China crackdown.

Join the telegram channel for updates, charts, ideas and deals.

Did you like the article? Share it!

 

Vote for this post Share this post on: