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Investors put over $2 Billion in Canadian Bitcoin ETF

The Purpose Bitcoin ETF, a Canadian exchange-traded fund, purchased a whopping 6.9k BTC only yesterday, making its largest Bitcoin purchase of almost $2 billion in a day by a massive margin, according to data from blockchain information company Glassnode.

Previously, the highest daily inflow was around 2.9k BTC.

With this new acquisition, the Purpose Bitcoin ETF’s total assets under management (AUM) has increased to CA $1.5 billion (US $1.2 billion), with 41620 BTC under management as of press time. However, due to the current crypto market fall, the ETF’s YTD daily returns are down by 30%.

Purpose Investments created the Purpose BTC ETF – the first of its type – in February 2021 to allow investors to invest in BTC without actively trading the assets or keeping them in their portfolio. After one month of trading on the Toronto Stock Exchange under the symbol BTCC, the ETF has gathered up to $1 billion in AUM.

Cryptocurrency ETFs are mutual funds that hold cryptocurrency. Typically, a Bitcoin ETF allows investors to acquire funds that are closely linked to the price of BTC, allowing them to have investments in BTC without directly holding the asset.

Due to the increased interest in digital assets and institutional adoption, a few more ETFs backed by cryptocurrencies have appeared after the introduction of the Purpose Bitcoin ETF. Examples include Valkyrie Bitcoin Strategy ETF, VanEck Bitcoin Strategy ETF, and others.

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Jeewan Singh
Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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