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A surge in institutional demand for the Bitcoin ETF and a record trading volume

A surge in institutional demand for the Bitcoin ETF and a record trading volume

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Answer A surge in institutional demand for the Bitcoin ETF and a record trading volume

The USA has not yet ratified any Bitcoin ETF while its neighbor Canada already has several Bitcoin ETFs in circulation.

The trading volume for the spot bitcoin ETF appears to be at an all-time high in terms of bitcoin holdings and inflows.

Bitcoin ETF Sees Huge Capital Infusion:

Citing data from a blockchain analysis platform, Glassnode revealed that the “Purpose Bitcoin ETF” currently owns more than 36,000 BTC, which means a 23% increase in the number of BTC to date.

The ETF closed with 34.07K BTC last week, adding more than 2,000 BTC this week.

The latest news comes at a time when the price of Bitcoin is improving despite ongoing geopolitical tensions.

Over the past week, the largest cryptocurrency gained more than 11% and touched $45,000.

The “Purpose Bitcoin ETF” is the first Bitcoin ETF traded on a Canadian exchange not only in North America but also in the world.

This investment vehicle owns physical Bitcoin rather than futures contracts, and the fund was launched by Purpose Investments under the symbol BTCC in February 2021.

Just a month after its launch, the Bitcoin ETF raised $1 billion in assets under management, making it one of the fastest growing ETFs.

Bitcoin ETF in the USA:

Although a reference was made to some investment vehicles linked to bitcoin futures last year, the US Securities and Exchange Commission has denied listing any ETFs so far.

But a Bloomberg Intelligence analyst believes that could change.

Read:Blockchain technology and the future of smartphones

In a recent post, duo James Seifart and Eric Balchonas write that a proposed rule amendment to change the definition of “exchange” by the regulator could result in ETFs receiving a green signal by mid-2023.

Read also:

The digital currency “ApeCoin” becomes one of the most traded digital currencies among Ethereum whales

SK Square plans to launch its own cryptocurrency


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