North America’s first Bitcoin ETF sees explosive debut with $564M in assets
North America’s first Bitcoin ETF sees explosive debut with $564M in assets. Since the launching of Bitcoin, its exchange-traded fund has been a huge victory
Since the launching of Bitcoin, the reason it has continued to get increased inflows is on the premise that its exchange-traded fund attract higher inflows of investor capital and which encourages investors that the interest in digital assets is on the increase.
It has been reported by Crypto data provider, Glassnode that the purpose exchange traded fund has gotten to $564 million in terms of asset under management and the aforementioned is an achievement, because it is an early gain, on the premise that it was floated five days ago.
Also, Exchange traded fund spawned up to $80 million in volume in the it’s first hour of trading and has snowballed to $100 million on its first day as reported by Cointelegraph
Glassnode data reveals that as of Tuesday, the Purpose ETF had 8,288 BTC, having added 2,251 BTC on Monday. This explosive growth aligns with a recent forecast by Bloomberg analyst Eric Balchunas, who said the ETF will likely hit $1 billion in assets by the end of the week.
Canada has quickly emerged as a hotbed for Bitcoin ETF activity. In addition to the Purpose ETF, Evolve Funds Group has received approval from the Ontario Securities Commission to launch its own Bitcoin fund. Trading under the ticker symbols “EBIT” and “EBIT.U,” the Evolve Funds ETF will provide direct exposure to BTC priced in both Canadian and U.S. dollars.
However, the retracement of Bitcoin recent price, seems not to be affected by the inflow into the purpose of Exchange Traded Fund. Pathetically, the flagship crypto-currency declined sharply at the start of the week and briefly fell below $45,000, according to TradingView data. Peak to trough, Bitcoin’s price fell more than 20%. It was last seen holding above $46,700.