The first bitcoin exchange-traded fund (ETF) to receive regulatory approval in North America has already demonstrated the market’s huge appetite for such a product.
The Purpose Bitcoin ETF (ticker: BTCC), marketed by Purpose Investments earlier this week, traded $ 80 million in shares in its first hour and $ 200 million on day one – a ten digit times higher than that of the average ETF. and broke records in Canada, according to Eric Balchunas, senior ETF analyst at Bloomberg.
The Canada Bitcoin ETF (BTCC) traded $ 200 million shares on day one, a ridiculously high number, which breaks the record for Canada which would likely rank in the All-Time Top 5 among U.S. ETFs. $ GLD made $ 264 million on day one (GOAT). $ BOND made $ 55 million. Most ETFs cost less than $ 20 million.
On its second day in the market, BTCC traded $ 350 million in stocks, which was three times more than any other ETF, per Balchunas.
Bitcoin Canada ETF $ BTCC traded $ 350 million (CAD + USD) today, a 40% jump from yesterday (defying the typical second day drop) and 3 times more than any other ETF (unreal). Proportionately speaking, this equates to roughly $ 5 billion in volume in the United States (roughly 7 times more than $ GBTC). Estimate of $ 330 million over two days. pic.twitter.com/jqJfQGRsnp
While BTCC is the first bitcoin ETF to hit the North American market, it won’t be the last. Ontario regulators this week approved a second bitcoin ETF from Evolve Funds Group. And bitcoin custodian NYDIG recently filed for regulatory approval to offer a similar Bitcoin ETF product in the United States.
The extreme volumes and interest generated by the BTCC ETF have already demonstrated surprising retail excitement for easy and safe bitcoin exposure of these commodities.
Christian Keroles
Home cooking advocate. Do Bitcoin stuff @BitcoinMagazine. The Bitcoiner on @POVCryptoPod.
