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North America’s First Bitcoin ETF Experienced Major Success Following Its Recent Debut

By Katelyn James | February 28, 2021
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In under a week following its debut, the Purpose Bitcoin exchange-traded fund reportedly keeps gathering significant inflows of investor capital, showing that institutional interest in crypto assets is growing. 

Specifically, as shown in insights generated by Crypto data provider Glassnode, the Purpose ETF has reportedly hit the $564 million milestone, regarding asset currently being managed – a highly impressive achievement if taking into account the firm has only been operational less than a week before. 

The fund reportedly generated $80 million in volume within its first hour of trading and hit the $100 million benchmark on its first day.

Glassnode data reportedly showed that as of Feb 23rd, the Purpose ETF had in its possession 8,288 BTC – with the extra 2,251 BTC included on the day before. 

This major surge is reportedly in line with the recent forecast carried out by Bloomberg, analyst Eric Balchunas, who claimed the chance of the ETF reaching $1 billion in assets towards the end of the last week of February is high. 

Canada has reportedly been establishing itself as a hotspot for Bitcoin ETF activity. Apart from the Purpose ETF, Evolve Funds Group has reportedly also secured a regulatory greenlight from the Ontario Securities Commission, to make its first Bitcoin fund available. 

Trading under the ticker symbols “EBIT” and “EBIT.U,” the Evolve Funds ETF will reportedly offer direct exposure to BTC priced in both Canadian and U.S. dollars.

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