In just two days, North America witnessed a massive volume of $400 million in the first Bitcoin (BTC) exchange-traded fund within two full days of its trading, with expectations of a further stretch. Eric Balchunas, the Bloomberg analyst, tweeted that under the management, the Bitcoin exchange-traded fund, or ETF freshly launched by a Canadian firm, Purpose Investments, is expected to show a $1 billion hike in assets till Feb. 26.
His forecast was made before Purpose Investment carried out its $421.8 million Bitcoin ETF trade that happened in the time between Thursday, Feb. 18, when it made its first entry on TSX, or Toronto Stock Exchange, and Friday, Feb. 19, when markets closed.
The Bloomberg analyst compared the Purpose Bitcoin fund’s striking launch to various other competing ETFs that are currently carrying out trading activities on the TSX. Currently, JPMorgan BetaBuilders Canada ETF occupies the biggest position nationwide with above $4.6 billion in total assets. The analyst further commented that it wouldn’t come as a surprise to him if, within two months, the Canadian Debutant Purpose Bitcoin ETF leaves others behind with their assets selling at a dip.
However, in North America, the Purpose ETF Bitcoin exchange-traded fund was not the only one to get its hands on so much wealth. A week ago, Evolve Funds Group started trading its own Bitcoin ETF on Friday under the ticker EBIT after obtaining consent from the Ontario Securities Commission. Till the closing time on Friday, EBIT.U had already traded 103,595 units, each valued at $21.54.
Some investment managers have recently predicted that the US Securities and Exchange Commission(SEC) under President Joe Biden’s administration might show flexibility to accepting a Bitcoin ETF. Still, as yet, nothing has been hinted at by the regulators in the USA.
Nevertheless, as soon as President Biden assumed office, two firms drafted and filed proposals for a Bitcoin ETF. One of them is New York Digital Investment Group, while the other one being Dallas-based Valkyrie Digital Assets. As of Friday, TSX reported that BTCC.B traded 9,270,111 units, and BTCC.U traded 2,065,855 units at $10.55 and $10.57, respectively.