MEXCJust-In: Canadian Bitcoin ETF Records Largest Single Daily Purchase Of Over $2 Billion
Canadian exchange-traded fund, Purpose Bitcoin ETF purchased a whopping 6.9k BTC just yesterday, recording its biggest Bitcoin purchase of over $2 billion in a day by a massive margin as revealed by data from blockchain information provider Glass node. Prior to this, the largest daily inflow was around 2.9k BTC.
Total AUM for Purpose Bitcoin ETF has grown to CA $1.5 Billion
With this recent purchase, the total assets under management (AUM) for the Purpose Bitcoin ETF has grown to CA$1.5b (US$1.2b) with a total of 41620 BTC under the management of the ETF as at press time. Due to the current slump of the crypto market, however, the YTD daily returns of the ETF is down by 30%.
Per data from cryptocurrency information platform Coinglass, late last month, the ETF purchased a total of 1,132 Bitcoin after selling off some of its assets the previous month amidst the Bitcoin bear market that has plagued the asset throughout this year.
Purpose Investments launched the Purpose BTC ETF in February, 2021 – the first of its kind – to give investors the opportunity to invest in BTC without directly trading the assets or holding it in their portfolio. The ETF amassed up to $1 billion of AUM after the first month as it traded on the Toronto Stock Exchange with ticker BTCC.
Why Bitcoin ETF is the next big thing?
Cryptocurrency ETFs are funds that contain cryptocurrencies. Typically, a Bitcoin ETF gives investors the ability to purchase funds which are directly tied to the price of BTC, giving them the opportunity to hold investments in BTC without directly holding the asset.
After the launch of Purpose Bitcoin ETF, a few other ETFs backed by cryptocurrencies have emerged owing to the growing interest in digital assets and institutional adoption. A few of them include Valkyrie Bitcoin Strategy ETF, VanEck Bitcoin Strategy ETF and suchlike.
The first US Bitcoin ETF is ProShares Bitcoin Strategy ETF (BITO) which commenced trading on 19 October last year as it garnered around $1 billion just a few days after launch.
Just yesterday, two Bitcoin ETFs also launched in Australia, one of which, the Cosmos-Purpose Bitcoin ETF ($CBTC), aims to purchase shares from the Purpose Bitcoin ETF as a way of providing investing opportunities to potential shareholders.
- Michael Saylor’s Strategy Eyes S&P 500 Spot Amid Bitcoin-Backed Credit Products Launch
- Bitcoin White Paper Turns 17 Today as Satoshi’s $120B Fortune Climbs $2.8 Billion
- Will Crypto Market Rebound or Crash Ahead as 10X Research Tips Shorting Ethereum?
- Sam Bankman-Fried Says FTX Was “Never Bankrupt,” Crypto Community Reacts
- XRP ETF Coming This November 13 As Canary Capital Submits Updated S-1 By Removing Roadblocks
- Ethereum Price Forecast: $5K in Sight Post-Fusaka Upgrade
- Chainlink Price Eyes $25 as AllUnity Integrates CCIP for EURAU Expansion
- Sei Price Forecast: Will Robinhood Listing Spark a Rally?
- XRP Price Outlook as ETF Nears Possible November 13 Launch
- Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds
- Bitcoin Price Forecast as Trump Cuts Tariffs After US-China Trade Deal
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
