Just-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.
- Crypto Market Crash: $700M Liquidated in Bitcoin, ETH, XRP, SOL, DOGE, XPL
- GraniteShares 3x XRP ETF Can Trigger ‘Panic Buying XRP’ Says Expert
- TRUMP Token Gets Major Boost as Issuer Launches $200 Million Treasury Plan
- Gold Vs Bitcoin – Peter Schiff Predicts BTC Will Be ‘Rugged by Gold’
- CEA Industries’ BNB Holdings Reach 480K as Binance Coin Hits New ATH of $1,300
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
- Cardano Price Consolidates Below Key Resistance Ahead of ETF Verdict — Is a 50% Rally in Sight?
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
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.
