First Canadian Bitcoin ETF Touches 100 Million USD In Volume In Initial Trading Hours

Notable signals are coming from crypto investors towards significant demand for the 1st BTC ETF in Canada. Nevertheless, an American product stays far out on the horizon.

TSX’s Purpose Bitcoin ETF, the 1st Bitcoin ETF in North America, had a marvelous inauguration, trading around hundred million USD in volume.

According to a Bloomberg Law report, the BTC ETF witnessed more than Eighty million USD in volume in the opening hour of trading. Nonetheless, it subsequently slowed significantly with an additional fifteen million USD in volume between BTCC.U, the American dollar-denominated ticker and BCTCC.B, the Canadian dollar-denominated units.

In a recent press release, Som Seif, the founder and CEO of ETF provider Purpose Investments mentioned that his company is of the stance that Bitcoin has an auspicious future.

Seif mentioned,

“We believe Bitcoin, as the first and largest asset in the emerging cryptocurrency ecosystem, is poised to continue its growth trajectory and adoption as an alternative asset, further cementing the investment opportunity it presents.”

He added,

“Driving forward to be the leader in cryptocurrency investing is a testament to Purpose’s goal of providing investors with alternative investment solutions that are not based off of traditional benchmarks.”

Nevertheless, growth towards an ETF on an American exchange remains caught up. Even though experts are of the opinion that the new administration increases the likelihoods of an offering and numerous establishments have filed for Bitcoin and other digital asset products, there has been no approval until now.