The first bitcoin exchange-traded fund (ETF) to receive regulatory approval in North America has already shown the great appetite of the market for such a product.
The Purpose Bitcoin ETF (ticker: BTCC), launched by Purpose Investments earlier this week, traded $ 80 million worth of shares in the first hour and $ 200 million on its first day – a figure ten times greater than that of the average ETF and broke records in Canada according to senior ETF analyst Eric Balchunas of Bloomberg.
The Canada Bitcoin ETF (BTCC) traded $ 200 million shares on Day One, a ridiculously high number, beating the UK record, likely to be in the top 5 of all US ETFs as well. $ GLD made $ 264 million on its first day (BOK). $ CONNECTION $ 55 million done. Most ETFs are less than $ 20 million.
On its second day on the market, BTCC traded $ 350 million in equities, three times more than any other ETF, per Balchunas.
Canada Bitcoin ETF $ BTCC traded $ 350 million (CAD + USD) today, a 40% jump from yesterday (challenging the typical day two) and three times more than any other ETF (unreal). Proportionally, this equates to about $ 5 billion in volume in the US (or about 7 times more than $ GBTC). Two-day aum costs $ 330 million. pic.twitter.com/jqJfQGRsnp
Although BTCC is the first bitcoin ETF to reach the North American market, it will not be the last. Ontario regulators this week approved a second bitcoin ETF from Evolve Funds Group. And the custodian of bitcoin NYDIG recently filed an approval registration to offer a similar bitcoin ETF product in the United States.
The extreme volumes and interest generated by the BTCC ETF have already shown exciting retail excitement for easy, secure bitcoin exposure of such products.
Christian Keroles
Advocate for home cooking. Do Bitcoin things @ BitcoinMagazine. The Bitcoiner on @POVCryptoPod.
