Investor demand for Canadian bitcoin ETF commodities is even rising strongly against the backdrop of the prevailing unstable political conditions.

Wave of Bitcoin ETF Investments Soars in Canada Amid Internal Political Turmoil Wave of Bitcoin ETF Investments Soars in Canada Amid Internal Political Turmoil

Coinlive reports that about two weeks ago, Canadian Prime Minister Justin Trudeau initiated emergency laws to block cryptocurrency trading to help protesters, which coincided with the moment Russia announced it would launch the campaign. They targeted Ukraine, where Bitcoin's unpredictable costly behavior has triggered a dramatic industry shakeup that has also severely impacted investor sentiment.

– READ MORE: Vitalik Buterin: "The current situation in Canada is the reason why cryptocurrencies exist"

However, reality is showing an absolutely unique image in Canada. One of the country's largest bitcoin ETFs, the Bitcoin for Purpose ETF (BTCC), has just established a new high in BTC holdings, reaching a whopping 32,329 bitcoins. BTCC is the world's first accredited and operating Bitcoin ETF. At the time of its creation, Prime Minister Trudeau had decided to revoke the aforementioned "emergency laws".

Currently, the Purpose Bitcoin ETF is worth more than $1.3 billion. Due to the fact that in November, the fund has a total of about 7,700 bitcoins, an increase of 31% in 12 months (more than 12 months).

The Canadian #Bitcoin Spot ETF aims to increase its holdings by 31%, or about $7,700 in BTC, since the end of November.

The ETF holds 32,329 bitcoins at this time.

In addition, Som Seif, the foundation's founder and CEO, said in an interview that the foundation intends to further expand its exercise. The business said it will launch in Australia in 2022 through a romance with Cosmos Asset Management.

“By continually striving to improve our technology solutions, we are committed to leading innovation in this area and leading the next generation of asset management.”

While the Bitcoin ETF spot commodity has been welcomed by countries like Canada, Switzerland, Germany and Brazil, it's been an uphill battle in the United States. The U.S. Securities and Exchange Commission (SEC) has repeatedly denied requests to open up funds in the country, and in October, it officially endorsed 3 bitcoin ETFs based primarily on futures contracts, including the ProShares Bitcoin Strategy ETF (BITO), The Valkyrie Bitcoin Strategy ETF (BTF) and VanEck's Bitcoin Strategy ETF ( XBTF).

The most obvious example of the SEC's confidence is the case of grayscale cryptocurrency investment funds. After the organization transformed its Grayscale Bitcoin Trust (GBTC) fund into the world's largest spot ETF, it took that possibility and launched a campaign to inspire public comment to the SEC, with over $26 billion in actual value of assets under management, as of March 1, 2022.

Below is a snapshot of grayscale investment commodities as of February 28, 2022. For the latest details, please verify our product tracker: $AAVE $ADA $AMP $BTC $BAT $BCH $COMP $CRV $ETH $ETC $FIL $LINK $LPT $LTC $MANA $MKR $SNX $SOL $SUshi $UNI $ XLM $YFI $ZEC $ZEN

– Grayscale (@Grayscale) February 28, 2022

Despite the SEC approving the proposal for as much as 95% of the price, SEC Chairman Gary Gensler is even now insisting that he does not want to see any bitcoin ETFs through photos at this time. Letter from Gensler to Minnesota Rep. Tom Emmer, dated Feb. 17.

We received a response from SEC Chairman Gensler to our letter dated 3/11/21 regarding the BTC Spot ETF. This challenge remains our top priority and we will continue to monitor the SEC’s mission to maintain honest and orderly markets and promote capital formation.

– Tom Emmer (@RepTomEmmer) February 17, 2022