While many see tensions between the U.S. and China as the driving factor behind the bitcoin price surge, whales may be leveraging the upward momentum.
The first bitcoin exchange-traded fund (ETF) to receive regulatory approval in North America has already demonstrated the market’s huge appetite for such a product.
The Purpose Bitcoin ETF (ticker: BTCC), brought to market by Purpose Investments earlier this week, traded $80 million worth of shares in its first hour and $200 million in its first day — a figure that’s ten times greater than that of the average ETF and broke records in Canada, according to Bloomberg senior ETF analyst Eric Balchunas.
In its second day on the market, BTCC traded $350 million in shares, which was three times more than any other ETF, per Balchunas.
While 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 Evolve Funds Group this week. And bitcoin custodian NYDIG recently submitted a regulatory approval filing to offer a similar bitcoin ETF product in the United States.
The extreme volumes and interest generated by the BTCC ETF have already demonstrated startling retail excitement for easy, safe bitcoin exposure from such products.