Demand for bitcoin ETFs remains high despite occasional declines in bitcoin prices. The Canada-based Puporse Bitcoin ETF (BTCC) has reached an all-time high level of assets. The ETF currently holds about 32,329 BTC.
Purpose-built Bitcoin ETF assets are up 31% since November
The assets of the Purpose Bitcoin ETF are now worth more than $1.3 billion, according to Glassnode. Market analysts at the On-Chain Academy note that the ETF has added about 7,700 BTC since November. That marks a 31 percent increase over the same period.
Since the end of November, holdings in the Canadian 🇨🇦 #Bitcoin Spot ETF Purpose have increased by 31%, or about $7,700 in BTC.The ETF currently holds 32,329 BTC. pic.twitter.com/6URV8KgTcj
The new milestone reached by the ETF comes on the heels of its largest "single entry" in recent memory. Earlier this month, the Purpose Bitcoin ETF caught the eye, adding 1,750 bitcoins in two days. More than $64 million was spent at the time, signaling that investors were somewhat bullish during the market downturn.
It has also been almost a year since the ETF was recently launched on the Toronto Stock Exchange. ETF Executive Purpose Investments, which is marking the anniversary, notes that ETFs play an important role in driving the adoption of cryptocurrencies in Canada.
In a press release, Som Seif, founder and CEO of Purpose Investments, said the ETF has further expansion plans. The company has announced plans to launch in Australia in 2022 through a partnership with Cosmos Asset Management.
Seif emphasizes that by working at the edge of finance and technology, they are determined to drive innovation in the field and lead the next generation of wealth management, wealth management and SME banking.
U.S. Markets Still Waiting for Bitcoin Spot ETF
Countries such as Canada, Switzerland, Germany and Brazil have all welcomed spot payment bitcoin products. The performance of these instruments in these countries is one of the most important proofs of investors' preference for spot-pay Bitcoin ETFs.
In contrast, the SEC continues to block Bitcoin ETFs from serving in the United States. The SEC recently requested clarification on this matter.
Seizing the opportunity, Grayscale has launched a campaign for the public to post their SEC reviews. Grayscale plans to convert the Grayscale Bitcoin Fund (GBTC), the world's largest bitcoin fund with over $25 billion in assets under management, into an ETF. In the meantime, market participants want to know when the bitcoin ETF will enter the Canadian market. This prospect comes after Fidelity was confirmed as Canada's first cryptocurrency.