The Bitcoin ETF launch in North America on Thursday saw massive demand as it recorded more than $ 165 million in trading volume. The exchange-traded fund listed on the Toronto Stock Exchange (TSX) was exchanged for the first time with USD 80 million in the first hour of trading sessions.
Purpose Bitcoin ETF has a volume of 165 million US dollars
Only recently, the exchange-traded fund named Purpose Bitcoin ETF was approved for listing in Canada and proponents believed it was the “first” Bitcoin-based ETF in North America. Bloomberg’s Claire Ballentine announced that the ETF saw more demand than most of the TSX-listed ETFs on Thursday. The fund is curated by Canada-based Purpose Investments and the Ontario Securities Commission has given the fund permission to begin trading.
Ballentine noted that the Purpose Bitcoin ETF (ticker symbol BTCC) had a trading volume of a whopping $ 80 million in the first hour of trading. Ballentine also pointed out that the Purpose Bitcoin ETF roared during its debut, and many analysts believe that exchange-traded crypto funds are having untapped interest.
“There is considerable untapped interest in a Bitcoin investment that offers the benefits of an ETF,” said Todd Rosenbluth, director of ETF Research at CFRA Research. “While most ETFs worldwide enter the market with an educational barrier to overcome, many investors are familiar with the content of BTCC.”
EBIT Physical Bitcoin ETF Launches Today, Proponents Still Waiting For U.S. Guard Dogs To Approve Bitcoin Funds
In addition to the significant demand for the Purpose Bitcoin ETF, another ETF will debut on the TSX today. The exchange-traded fund is managed by the Evolve company and the fund holds physical bitcoins using Gemini’s custody arm. The listing planned for Friday and marketed by Evolve is referred to as “EBIT”. Evolve is a Canadian company with approximately $ 1.7 billion in assets under management (AUM).
While the two bitcoin-based ETFs listed on the TSX trade in Canada, many crypto proponents are hoping America will soon follow suit. A number of ETFs are awaiting approval from the Securities and Exchange Commission, including ETFs that have been registered by the New York Digital Investment Group (NYDIG), Vaneck, and Valkyrie Digital Assets.
What do you think of the massive demand for the Purpose Bitcoin ETF on Thursday? Let us know what you think on this matter in the comments section below.
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Bitcoin, Bitcoin (BTC), Bitcoin etf, Bitcoin ETFs, BTC ETF, Ebit, ETF, ETF Bitcoin, ETF BTC, etfs, Evolve, Exchange Fund, Exchange Traded Fund, Nydig, Purpose Bitcoin ETF, Valkyrie, Vaneck
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