- The first-ever North American Bitcoin ETF breaks records in its first week.
- BTCC traded $80 million worth of shares in its first hour and $200 million in its first day.
BTCC just became the first bitcoin exchange-traded fund (ETF) to get regulatory approval in North America. The ETF has already shown that the market has a big craving for such a product.
The Bitcoin ETF (BTCC) was brought to market by Purpose Investments this past week. Where BTCC traded $80 million worth of shares in its first hour and $200 million in its first day. Thus breaking a myriad of trading records.
According to Eric Balchunas, Bloomberg senior ETF analyst, the volume is ten times higher than that of the average ETF.
The Canada Bitcoin ETF (BTCC) traded $200m shares on Day One, a ridic high number, def smashes Canada record would likely rank in Top 5 all-time among US ETFs too. $GLD did $264m in its first day (GOAT). $BOND did $55m. Most ETFs are <$20m.
— Eric Balchunas (@EricBalchunas) February 18, 2021
In addition, BTCC traded $350 million in shares on its second day, three times more than any other ETF.
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 US (or about 7x more than $GBTC). Two-day aum est $330m. pic.twitter.com/jqJfQGRsnp
— Eric Balchunas (@EricBalchunas) February 19, 2021
While BTCC is the first official bitcoin ETF to hit the North American market, it will not be the last. Ontario regulators also allowed a second bitcoin ETF from Evolve Funds Group this week.
Also, bitcoin custodian recently put in a regulatory approval filing to offer a similar bitcoin ETF product in the United States. The extreme volumes and interest in the BTCC ETF have shown startling retail excitement. The numbers show that there is a need for more easy, safe bitcoin publicly traded products.