Fun

North American Bitcoin ETF’s First Trading Day Captures $165M in Volume

News Feed - 2021-02-20 12:02:10

North American Bitcoin ETF"s First Trading Day Captures $165M in Volume


The North American Purpose Bitcoin ETF launch on Thursday saw massive demand, as more than $165 million in trade volume was recorded. In fact, the exchange-traded fund listed on the Toronto Stock Exchange (TSX) saw it’s first $80 million swapped during the first hour of trading sessions. Purpose Bitcoin ETF Captures $165 Million in Volume


Just recently, the exchange-traded fund called the “Purpose Bitcoin ETF” was approved to be listed in Canada and proponents deemed it to be the “first” bitcoin-based ETF in North America. Bloomberg’s Claire Ballentine revealed that the ETF saw more demand than most ETFs listed on TSX on Thursday. The fund is curated by the firm Canada-based Purpose Investments, and the Ontario Securities Commission granted the fund permission to begin trading.


Ballentine noted that during the first hour of trading, the Purpose Bitcoin ETF (ticker symbol BTCC) saw a whopping $80 million in trade volume. Ballentine also highlighted that the Purpose Bitcoin ETF roared during its debut, and many analysts think crypto exchange-traded funds have untapped interest.


“There’s sizable untapped interest for a Bitcoin investment that has the benefits of an ETF,” the CFRA Research’s director of ETF research, Todd Rosenbluth said. “While most ETFs come to market globally with an educational hurdle to overcome, many investors are familiar with what is inside BTCC.” EBIT Physical Bitcoin ETF Launches Today, Proponents Still Waiting for US Watchdogs to Approve Bitcoin Funds


In addition to the significant demand from the Purpose Bitcoin ETF, another ETF is set to debut on TSX today. The exchange-traded fund is managed by the company Evolve, and the fund holds physical bitcoins by using Gemini’s custody arm. The listing scheduled for Friday and distributed by Evolve will be called “EBIT.” Evolve is a Canadian business that manages roughly $1.7 billion assets under management (AUM).


Meanwhile, as the two TSX-listed bitcoin-based ETFs trade in Canada, many crypto proponents are hopeful that America will follow suit soon. A number of ETFs are waiting on the U.S. Securities and Exchange Commission (SEC) approval including ETFs registered by the New York Digital Investment Group (NYDIG), Vaneck, and Valkyrie Digital Assets.


What do you think about the massive demand the Purpose Bitcoin ETF saw on Thursday? Let us know what you think about this subject in the comments section below. Survey Finds Many Finance Managers Are Not Planning to Hold BTC— Volatility Cited as Key Concern FINANCE | 2 days ago Blockchain.com Raises $120 Million in a Strategic Financing Round, Firm"s Institutional Arm Swells FINANCE | 2 days ago Tags in this story Bitcoin, Bitcoin (BTC), bitcoin etf, Bitcoin ETFs, BTC ETF, Ebit, ETF, ETF Bitcoin, ETF BTC, etfs, Evolve, Exchange Fund, exchange traded fund, nydig, Purpose Bitcoin ETF, Valkyrie, vaneck


Image Credits: Shutterstock, Pixabay, Wiki Commons Use Bitcoin and Bitcoin Cash to play online casino games here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Square Enix President Talks NFTs, Metaverse, Blockchain Gaming in New Year’s Letter
Square Enix President Talks NFTs, Metaverse, Blockchain Gaming in New Year"s Letter Yosuke Matsuda, president of Square Enix, a leading game developing company, has voiced his opin
Gemini’s exit from Canada: What’s driving crypto exchanges out?
Helen Partz11 hours agoGemini’s exit from Canada: What’s driving crypto exchanges out?Gemini’s exit came just a few days after the Canadian Securities Administrators released an update to crypto trading firms about
Government Agencies Need Crypto Wallets and Access to Exchanges, Russian Prosecutors Say
Government Agencies Need Crypto Wallets and Access to Exchanges, Russian Prosecutors Say Russian authorities are finding it hard to cash out digital assets they have gotten hold of
Price analysis 4/12: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
Rakesh Upadhyay4 hours agoPrice analysis 4/12: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIBBitcoin"s correction deepened as BTC price fell to $65,000, and altcoins were hit with double-digit losses.3373 Total view
Crypto Mining Should Be Registered and Taxed in Russia, Financial Market Committee Chair Says
Crypto Mining Should Be Registered and Taxed in Russia, Financial Market Committee Chair Says Cryptocurrency mining should be registered as entrepreneurial activity and taxed as su
Can Bitcoin Price Reach A New All-Time High? This Golden Cross Suggests So
Este artículo también está disponible en español. The Bitcoin price and the bull run appear to be back on the right track after recording its best weekly performance in t
ETH, TON, UNI, and XMR could rally if Bitcoin clears $68,000
Rakesh Upadhyay8 hours agoETH, TON, UNI, and XMR could rally if Bitcoin clears $68,000Bitcoin price needs to rise above $68,000 to sustain buying in ETH, TON, UNI, and XMR.2112 Total views3 Total sharesListen to article
Savannah Fortis41 minutes agoHollywood studios offer new proposal for AI and data transparency to curb strikeThe Alliance of Motion Picture and Television Producers released a memo of its offer to striking writers and ac
Bitcoin Price Outlook for November — FTX Crisis Fuels Bearish Momentum
Bitcoin Price Outlook for November — FTX Crisis Fuels Bearish Momentum It’s fair to say that the first ten days of November have been nothing short of historic in cryptocu
Bernstein analysts expect $200K Bitcoin price by 2025 due to spot BTC ETF flows
Nancy Lubale7 hours agoBernstein analysts expect $200K Bitcoin price by 2025 due to spot BTC ETF flowsAnalysts at Bernstein predict Bitcoin price to hit $200,000 by 2025 and $1 million by 2033.1631 Total views7 Total sha
Binance CEO Says Exchange Recovered $450 Million From the Curve Finance Attack
Binance CEO Says Exchange Recovered $450 Million From the Curve Finance Attack Following the recent Curve Finance attack, Binance CEO Changpeng Zhao announced that the exchange had
Cardano Whale Activity Spikes – 80 Million ADA Added In 48 Hours
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu