conjunction
(verb A) and (verb B) alternately; now doing A, now doing B
Used in the pattern 〜つ〜つ to express two contrasting or alternating actions happening repeatedly. Attaches to the continuative form (連用形) of verbs. Common in set phrases like 追いつ追われつ (chasing and being chased) and 浮きつ沈みつ (bobbing up and down).
彼らは追いつ追われつの接戦を繰り広げた。
They had a close contest, chasing and being chased by each other.
小舟が波に浮きつ沈みつしていた。
The small boat was bobbing up and down on the waves.
particle
possessive marker (archaic)
Archaic possessive particle, equivalent to modern の. Survives in place names (e.g., まつ (松) + つ + しま (島) → 松島) and in some compound words. Not used in modern speech.
「まつしま」の「つ」は古い所有の助詞で、現代語の「の」にあたる。
The つ in まつしま (Matsushima) is an old possessive particle, equivalent to modern の.