Yesterday was the first big day for the Canadian Bitcoin ETF as its shares were made available on the Toronto Stock Exchange. Was it a success or failure?
Bitcoin ETF: First day on the market
We recently reported on CryptoTrend that Canadian authorities had approved the first Bitcoin exchange-traded fund (ETF). Just yesterday was your first day trading on the Toronto Stock Exchange, how did it go?
According to Bloomberg data, the Canadian Bitcoin ETF traded $ 165 million worth of shares on its first day. It is worth mentioning that, in just its first hour, it traded USD 80 million.
Wow, the Canada Bitcoin ETF $ BTCC already traded $ 64m worth of shares. That would be an epic full first day for a US ETF let alone in the first hour of trading. Also, the spread is a penny wide. Good start. pic.twitter.com/8A2mSRCsEV
– Eric Balchunas (@EricBalchunas) February 18, 2021
Therefore, Bloomberg ETF analyst Eric Balchunas said it was a “completely epic” day for Purpose’s Bitcoin ETF.
Purpose Investments celebrates victory
Yesterday Purpose Investments published a press release where the founder and CEO, Som Sei, assured that the company sees a bright future for Bitcoin.
“We believe that Bitcoin, as the first and largest asset in the emerging cryptocurrency ecosystem, is poised to continue its path of growth and adoption as an alternative asset … further consolidating the investment opportunity it presents,” said Seif.
He also added that “moving forward to be the leader in cryptocurrency investing is testament to Purpose’s goal to provide investors with alternative investment solutions that are not based on traditional benchmarks.”
Consequently, the company is happy to be able to offer the market a financial instrument that facilitates access to Bitcoin like never before.
In fact, that is precisely one of the company’s goals. “Allow easy and efficient access to Bitcoin without the risk associated with digital wallets.”
Now the crypto market will have to get used to Bitcoin ETFs because, although Purpose’s is first, Canadian regulators have already approved a second Bitcoin ETF from Evolve Funds Group.
However, the approval process for a Bitcoin ETF in the United States remains virtually stagnant. Many experts say the Canadian approval has increased the odds that the United States will approve one soon.
We want to know your opinion! Do you think Bitcoin ETFs will be the next BTC price catalyst?
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