It was just two weeks back when the first-ever Bitcoin (BTC) Exchange Traded Fund (ETF) was announced by Canada. The company that had received the go from the Canadian regulators was Purpose that was going to launch the Bitcoin ETF. Following the initial updates, it was confirmed that the Bitcoin (BTC) Exchange Traded Fund (ETF) for Purpose was going to launch on Thursday, February 18, 2021.
Although it has been less than a week the Purpose Bitcoin Exchange Traded Fund (ETF) has managed to gain a lot of adoption. Since the launch, the Purpose BTC ETF has been gaining constant success and investments from investors.
It has been observed that the investors are not from small sectors but are from corporations and enterprises because the platform is experiencing large inflows from the investor capital.
This goes onto prove that not only the ETF but the digital asset itself has so much recognition and demand in the market. Ever since the beginning of the year 2021, BTC has become one of the most attractive investment assets for small-large investors alike.
One of the data providers from the cryptocurrency industry “Glassnode” has shared the results for the Purpose BTC ETF. The firm shared its report around the first-ever ET on February 23, 2021. The firm has revealed that since the launch of the ETF, Purpose Bitcoin ETF has managed to gain a lot of assets. At the time of writing, the total assets under management (AUM) at Purpose Bitcoin ETF are at $564 million.
This is the very evidence that the BTC ETF is in really high demand and many investors are willing to spend a lot of money on the asset. The firm has stated that the investors are very much confident that the asset will reach new heights because the result within 6 days is evidence of its success.
Glassnode has also revealed that within the first hour of when the BTC ETF was launched, it generated around $80 million in volume. At the end of its first day of launch, the ETF had managed to hit the $100 million benchmark.
As of Tuesday, February 23, 2021, the total number of BTC assets available on the Purpose BTC ETF is 8,288. Quite surprisingly, the total number of BTC assets a day earlier on Purpose BTC ETF was 6,037, meaning that the platform had 2,251 added to it in a matter of 24-hours.
This explosive performance and reception experienced by the first BTC ETF match the prediction that was made by a Bloomberg analyst. It was Eric Balchunas from Bloomberg who had predicted that the first ETF for BTC would go onto cross the $1 billion AUM benchmark by the end of the running week.