Launch of BTC ETFs worldwide take market cap above $1 trillion
Although none of the many companies in the U.S. have filed applications for their own Bitcoin ETF have gained approval as of today, abroad, many such electronically traded funds have begun this week.
The Toronto Stock Exchange has seen the launch of three such funds in the past month, with the first to market of the three is also the first physically settled Bitcoin ETF in the world. The Purpose Bitcoin ETF (BTCC) set the stage as it traded $80 million worth of shares in its first hour and $200 million in its first day of being offered on the Toronto Stock Exchange. According to Bloomberg senior ETF analyst Eric Balchunas, “Canada Bitcoin ETF $BTCC traded $350m (CAD+USD) today, a 40% jump from yesterday (defying typical Day Two dropoff) and 3x more than any other ETF (unreal). Proportionally speaking this is equiv to about $5b in volume in U.S. (or about 7x more than $GBTC)”.
North America was not the only place where the growing demand has brought about the launch of new insured and regulated Bitcoin investment funds. The Bitcoin Genesis Fund (BGBF-I) officially opened up for traders in Southeast Asia to be the first of its kind offered in the region.
The large number of interested investors that wanted to gain exposure in Bitcoin but fearful or simply deterred by custody or by having a trusted source for the digital asset were excited about the newly launched ETFs for Bitcoin abroad. Considering that first of the three recently announced Canadian Bitcoin ETFs (BTCC) currently holds over 11,000 Bitcoin collectively. These ETFs have brought the total market cap of Bitcoin back to the level briefly touched upon last month of $1 trillion and has sparked a decent rally in the digital asset.
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