According to Glassnode’s statistical report published this Tuesday, Canada’s Purpose Bitcoin (BTC) exchange-traded fund (ETF), the very first BTC ETF in North America, has already amassed over $564 million in assets under management (AUM). This is made more impressive as the ETF only had five days from when it debuted.
And as reported by Coinmod last week, the fund garnered an outrageous $80 million in trading volume within its first 60 minutes alone – then notably reaching a total of about $100 million on its debut day. Glassnode notes that the ETF currently has 8,288 BTC after managing to add 2,251 BTC last Monday.
Purpose ETF’s historical debut success aligns with Bloomberg analyst Eric Balchunas’ prediction that the ETF will surpass the $1 billion mark before the weekends. Furthermore, Balchunas also said that Purpose ETF is on track to be the biggest ETF in Canada after 20 days. Unless anything drastic happens, the ETF is well on its way to prove Balchunas’ predictions right.
ETFs’ meteorically-growing popularity comes amidst the surge in the overall rest and market price of cryptocurrencies, mainly BTC. This is then further fueled by the influx of several high-end institutions, such as Tesla and Mastercard, to the crypto industry.