Bitcoin ETFs continue to see high demand despite the drop in the price of Bitcoin. Canada-based Purpose Bitcoin ETF (BTCC) holdings are at an all-time high. The Purpose Bitcoin ETF, which was the world’s first liquidated Bitcoin ETF, currently holds around 32,329 Bitcoins.
Purpose Bitcoin ETF Holdings Up 31% Since November
According to data from Glassnode, Purpose Bitcoin ETF holdings are currently worth more than $1.3 billion. Market analyst “On-Chain College” notes that the ETF has added around 7,700 BTC since November. This represents an increase of 31% in the period.
The Canadian ETF target #Bitcoin Spot has increased its holdings by 31%, or ~$7,700 BTC, since the end of November. The ETF currently holds 32,329 BTC. pic.twitter.com/6URV8KgTcj — OnChainCollege (@OnChainCollege) February 28, 2022
The new milestone comes after the ETF recently experienced one of its biggest single-day inflows. Earlier this month, the Purpose Bitcoin ETF added more than 1,750 BTC in two days. More than $64 million was spent at the time, marking some highs among investors amid a market crash.
The ETF also recently surpassed a year since it was launched on the Toronto Stock Exchange. Celebrating the day, Purpose Investments, the managers of the ETF, stated that the ETF was playing a key role in driving cryptocurrency adoption in Canada.
In a press release, Som Seif, 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 in 2022.
Working on the frontier of finance and technology, we are committed to driving innovation in this space and leading the next generation of asset management, wealth management and banking for SMEs, said Seif.
The US market has yet to see its first Bitcoin spot ETF
Countries like Canada, Switzerland, Germany, and Brazil received cash-settled Bitcoin products. The performance of these instruments in these countries has shown that investors prefer Bitcoin ETFs that are cash-settled.
However, the US Securities and Exchange Commission (SEC) continued to adamantly reject Bitcoin ETFs settled on the US trading venue. The commission recently requested public comment on the mess.
Seizing the opportunity, Grayscale launched a campaign for the public to submit comments to the SEC. Grayscale intends to convert its Grayscale Bitcoin Fund (GBTC), the world’s largest Bitcoin fund with over $25 billion in AUM, into an ETF. In the meantime, market participants remain vigilant as to when a Bitcoin ETF will hit the Canadian scenes. This expectation comes after Fidelity was approved as Canada’s first cryptocurrency custodian.