Canada’s Purpose Ether ETF Has Accumulated Over 31K Ethereum (ETH) In this Mega Bull Run

By Bhushan Akolkar
Published May 9, 2021 Updated May 9, 2021
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Canada’s Purpose Ether ETF Has Accumulated Over 31K Ethereum (ETH) In this Mega Bull Run

By Bhushan Akolkar
Published May 9, 2021 Updated May 9, 2021

Amid massive institutional interest, the crypto ETFs in the Canadian market is buzzing with massive investments. Well, thanks to the prudent regulatory approach of this North American country.  Having tasted the success with its Bitcoin ETF earlier this year, Purpose Investments is making massive accumulation in the Ether ETF.

Having launched its Ether ETF just three weeks back on April 20, Purpose has been on a massive ETH accumulation spree. As per popular crypto Twitter handle Bloqport, Purpose has accumulated over 31,000 ETH coins just in the last 20 days.

If we look at the monthly ETH chart, the ETH price rally has been phenomenal since April 20. As we can see, ETH was trading around $2100 levels on April 20. Earlier today, ETH touched its new all-time high of $3975, meaning a massive 90% return in just the last 20 days since the launch of Purpose Ether ETF.

Courtesy: Coinmarketcap

Apart from Purpose Investments, Ether ETFs Evolve Funds and CI Galaxy digital have been listed on the Toronto Stock Exchange (TSX) and live over the last 20 days. All these three are physically-backed Ether ETF investing directly into physical ETH coins. Here’s what each of these ETFs have been up to.

  • Evolve Ether ETF $ETHR: $32.29 Million
  • Purpose Ether ETF $ETHH: $135.1 Million
  • CI Galaxy Ethereum $ETHX: $293.9 Million

Seeing the success in the Candian market, American financial giants have also jumped into the game. Just a day before, CoinGape reported that asset management giant VanEck has filed for the first U.S. Ether ETF.

The Rising Institutional Demand for Ethereum (ETF)

Looking at the response these Ether derivative products have received, it is clear that institutional players are already big-time into this game. We at CoinGape reported several such incidences of Ethereum institutional buying over the last few days.

  • During the recent Ethereum price rally, the Coinbase Premium has also surged significantly suggest institutional buying.
  • Massive Ethereum outflows from exchanges in recent times suggest higher institutional accumulation.
  • Investmentment giants are lining up for Ethereum-based derivative products. Two weeks back, the CI Global asset management launched the world’s first Ethereum Mutual Fund – CI Ethereum Fund.

At press time, Ethereum (ETH) is trading at 8% up at $3845 with a market cap of $443 billion. The immediate price target for Ethereum (ETH) looks to be $4000.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
824 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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