Bitcoin ETFs continue to see high demand despite a slump in the price of Bitcoin. The holdings of the Canada-based Purpose Bitcoin ETF (BTCC) is at an all-time high. The Purpose Bitcoin ETF, which was the first spot settled Bitcoin ETF in the world, currently holds about 32,329 Bitcoins.
Purpose Bitcoin ETF holdings increased 31% since November
Per data from Glassnode, the holdings of Purpose Bitcoin ETF is currently worth over $1.3 billion. Market analyst, “On-Chain College,” points out that the ETF has added about 7,700 BTC since November. This marks a 31% increase in the period.
The Canadian 🇨🇦 #Bitcoin Spot ETF Purpose has increased their holdings by 31%, or ~7,700 $BTC, since the end of November.
The ETF currently holds 32,329 BTC. pic.twitter.com/6URV8KgTcj
— On-Chain College (@OnChainCollege) February 28, 2022
The new milestone is coming after the ETF recently saw one of its biggest single-day inflow. Earlier this month, the Purpose Bitcoin ETF added over 1750 BTC within two days. Over $64 million was spent at the time, marking some bullishness among investors amidst a market dip.
The ETF also recently crossed one year since it launched on the Toronto Stock Exchange. Commemorating the day, Purpose Investments, the managers of the ETF, stated that the ETF was playing a key role in driving crypto adoption in Canada.
In a press release, Som Seif, the founder and CEO of Purpose Investments, noted that the ETF had plans to expand further. The company revealed plans to launch in Australia through a partnership with Cosmos Asset Management within 2022.
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, Seif said.
The US market is 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 has shown that investors prefer spot settled Bitcoin ETFs.
However, the US Securities and Exchange Commission (SEC) has continued to adamantly reject spot settled Bitcoin ETFs from trading in the US. The commission has recently called for public comments on the debacle.
Jumping on the opportunity, Grayscale has started a campaign to get the public to send the SEC comments. Grayscale intends to convert its Grayscale Bitcoin Fund (GBTC) – the world’s largest Bitcoin fund with over $25 billion in AUM – to an ETF. Meanwhile, market players remain on the lookout for when a Bitcoin ETF will hit the Canadian scenes. This expectation comes after Fidelity was approved as Canada’s first Crypto Custodian.
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