Demand for bitcoin ETFs remains high despite the plummeting price of bitcoin. Canada's Destination Bitcoin ETF (BTCC) is holding a record amount of shares. The Purpose Bitcoin ETF is the world's first spot-settled bitcoin ETF and currently holds about 32,329 bitcoins.

Purpose-Based Bitcoin ETF Holdings Up 31% Since November

According to Glassnode, the current holdings of the destination bitcoin ETF are worth more than $1.3 billion. Market analysts at the On-Chain Academy note that the ETF has added about 7,700 bitcoins since November. That marks a 31 percent increase over that 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.

The new milestone comes after the ETF recently saw one of its largest single-day inflows. Earlier this month, the Purpose Bitcoin ETF added more than 1,750 BTC in two days. More than $64 million was spent at the time, signaling that investors were somewhat bullish in the face of a declining market.

The ETF also recently passed a year since its launch on the Toronto Stock Exchange. To mark the day, the ETF's manager, Purpose Investments, said the ETF plays a key role in driving the adoption of cryptocurrencies in Canada.

In a press release, Som Seif, founder and CEO of Purpose Investments, noted that the ETF plans to expand further. The company revealed plans to launch in Australia during 2022 through a partnership with Cosmos Asset Management.

By working at the forefront of finance and technology, we are committed to driving innovation in this area and leading the next generation of asset management, wealth management and SMB banking,” Seif said.

The U.S. market has yet to see its first bitcoin spot ETF

Countries such as Canada, Switzerland, Germany and Brazil have welcomed spot-settled bitcoin products. The performance of these instruments in these countries suggests that investors prefer spot-settled bitcoin ETFs.

However, the U.S. Securities and Exchange Commission (SEC) continues to adamantly reject spot-settled bitcoin ETFs from trading in the United States. The Commission recently called for public comment on the debacle.

Seizing the opportunity, Grayscale has launched a campaign to get the public to comment to the SEC. Grayscale intends to convert its Grayscale Bitcoin Fund (GBTC) – the world's largest bitcoin fund with more than $25 billion in assets under management – into an ETF. In the meantime, market participants are still watching for a bitcoin ETFs will appear in the Canadian market. This expectation comes after Fidelity was approved as Canada's first cryptocurrency custodian.

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