According to data provided by OnChainCollege, Canada's largest bitcoin ETF has seen a 31% increase in its bitcoin holdings. The total number of coins held by the institution increased to approximately 32,329 BTC.
The total amount of BTC purchased by the ETF since November remains at approximately 32,329 BTC. Such a large purchase volume is most likely an increase initiated by large wallets. After each bitcoin decline, the on-chain activity suggests that there has been significant buying power in the market despite the unfavorable price action.
Orders are likely to be placed early to have the opportunity to receive bitcoin at a significant discount, as it often bounces back after each fluctuation.
Bitcoin Market Performance
The increase in bitcoin purchases is due to a significant drop in the value of the first cryptocurrency. Since November, it has lost 44% of its value and at least half of it has not been recovered.
The worst months for Bitcoin in 2021 were November and December, when the value of digital gold fell about 20% despite the market's attempts to drive a recovery rally.
Cottage coins follow the correction
Unfortunately for cryptocurrency investors who prefer the riskier cryptocurrency market, most cryptocurrencies, including ethereum, solana and caldano, have gained ground.
The overall correction in the cryptocurrency market was caused by a number of factors. However, the initial decline was associated with the announcement of a rise in the United States, which led to a risk aversion in cryptocurrencies and traditional financial markets.