The first bitcoin traded fund (ETF) to receive regulatory approval in North America has already demonstrated the market’s huge appetite for this product.
The Purpose Bitcoin ETF (ticker: BTCC), brought to market by Purpose Investments earlier this week, traded $ 80 million in shares in its first hour and $ 200 million in its first day – a number that is ten times higher than the Average ETF and broke records in Canada, according to Eric Balchunas, senior ETF analyst at Bloomberg.
Canada Bitcoin ETF (BTCC) traded $ 200 million in shares on the first day, a ridiculously high number, but Canada’s record would probably also be in the Top 5 of all time among American ETFs. $ GLD made $ 264 million on the first day (GOAT). $ BOND made $ 55 million. Most ETFs cost <$ 20 million.
On its second day on the market, BTCC traded $ 350 million in shares, which was three times more than any other ETF, by Balchunas.
Canada Bitcoin ETF $ BTCC traded $ 350 million (CAD + USD) today, a 40% jump since yesterday (defying the typical drop on day two) and 3x more than any other (unreal) ETF. Proportionately speaking, this amounts to about $ 5 billion in volume in the U.S. (or about 7x more than $ GBTC) Estimated two-day price of $ 330 million. pic.twitter.com/jqJfQGRsnp
Although BTCC is the first bitcoin ETF to hit the North American market, it will not be the last. Ontario regulators approved a second bitcoin ETF from the Evolve Funds Group this week. And bitcoin custodian NYDIG recently submitted a request for regulatory approval to offer a similar bitcoin ETF product in the United States.
The extreme volumes and the interest generated by the BTCC ETF have already shown surprising enthusiasm in retail for the easy and safe exposure of bitcoin for such products.
Christian Keroles
Defender of home cooking. Do things about Bitcoin @BitcoinMagazine. Bitcoiner in @POVCryptoPod.
