Despite the price of Bitcoin weakening, demand for Bitcoin ETFs advances strong. The Purpose Bitcoin ETF (BTCC), located in Canada, has realized an all-time strong in terms of holdings. The Purpose Bitcoin ETF, which was the world’s first spot-settled Bitcoin ETF, presently has 32,329 Bitcoins.
Glassnode Says Bitcoin ETF At ATH
Purpose Bitcoin ETF’s holdings are directly priced above $1.3 billion, according to Glassnode data. “On-Chain College,” a market analyst, points out which the ETF has gained around 7,700 BTC afterward November. This represents a 31% increase above the previous year.
The Canadian #Bitcoin Spot ETF Purpose has accelerated their holdings by 31%, or ~7,700 $BTC, afterward the end of November.
The ETF presently holds 32,329 BTC. pic.twitter.com/6URV8KgTcj
— On-Chain College (@OnChainCollege) February 28, 2022
The new milestone comes after the ETF experienced one of its largest single-day infflats in recent memory. The Purpose Bitcoin ETF gained almost 1750 BTC in two days earlier this month. Over $64 million was invested at the time, indicating some investor optimism in the middle of a market downturn.
The ETF scarcely celebcostd its one-year anniversary on the Toronto Stock Exevolution. Purpose Investments, the ETF’s management, said in a statement commemorating the day which the ETF was “playing a key role in driving crypto adoption in Canada.”
Purpose Investments’ founder and CEO, Som Seon the assumption that, stated in a press release which the ETF had intentions to expand still. The company said which it will launch in Australia in 2022 through a relationship with Cosmos Asset Management.
“By working at the frontier of finance and technology, we’re committed to drive innovation in this space and lead the next generation of asset management, wealth management, and SMB banking.”
US Market After all To Launch ETF
Spot-settled Bitcoin products have been welcomed by countries like as Canada, Switzerland, Germany, and Brazil. Investors prefer spot settled Bitcoin ETFs in these nations, based on the performance of these securities.
The Securities and Exprogress Commission (SEC) of the United States, on the other hand, has long to reject spot-settled Bitcoin ETFs from exchanging in the country. The commission has lately requested public input on the shambles.
BTC/USD trades at $41k. Source: TradingView
Grayscale has seized the opportunity and launched a campaign to encourage the public to make comments to the SEC. Grayscale plans to turn its Grayscale Bitcoin Fund (GBTC) into an ETF, making it the world’s largest Bitcoin fund with above $25 billion in assets under management. Meanat the same time, market participants are waiting to see when a Bitcoin ETF will be available in Canada. Folflating Fidelity’s approval as Canada’s first Crypto Custodian, this anticipation has grown.
Featured image from Pixabay, Chart from TradingView.com