The Purpose Investments ETF traded an amount circling $ 165 million on its first day. Evolve Funds Group received permission from regulators for another bitcoin ETF.

The first bitcoin (BTC) exchange-traded investment fund (ETF), announced on February 11, began trading on the Toronto Stock Exchange (TSX) on Thursday, February 18, and managed to raise USD 421 million in two days. A bitcoin ETF serves to bring exposure to that cryptocurrency through direct investment with the physical settlement.

The bitcoin ETF (BTCC acronym), which appeared in the Canadian market by Purpose Investments, traded CAD 80 million in the first hour of trading and CAD 200 million (approximately USD 165 million) on the first day.  According to Yahoo Finance, the figure traded was CAD 350, which gives an approximate total of USD 421 sold in two days, according to Yahoo Finance.

Bloomberg ETF specialist Eric Balchunas recently tweeted that these amounts represent a  relative record compared to the volumes in trades for traditional ETFs in Canada and the US. Balchunas stated that Canada would rank among the five first ETFs and the first in the US Average ETF volumes with less than $ 20 million.

Balchunas also clarified through another tweet last Friday that, with the record amounts traded in its first two days, this ETF could outperform Canada’s largest instruments in a few weeks.

Also, $ BTCC may achieve total assets of $ 1 billion next week. Canada’s largest ETF totals $ 8 billion and the second-largest $ 5 billion. I am not ruling out that $ BTCC surpasses one or both in a couple of months.

This first North American bitcoin ETF, reported on February 11 by CriptoNoticias, was joined by another, which started its trade process on the Toronto Stock Exchange last Friday, issued by Evolve Funds. An application for a bitcoin ETF in the United States was filed with the SEC on Tuesday, February 16, by the New York Digital Investment Group (NYDIG) and Investment bank Morgan Stanley,

Evolve is currently playing a less relevant role to Purpose. Purpose’s market capitalization is now at USD 2.6 million. Evolve contrasts that amount with a deal at $1.3 million.

Evolve’s been expanding its fields over the last day, though. Its price is currently at $27.17, after a 24-hour increase of almost 7%. In contrast, Purpose’s overnight gain was 4%.

There is undoubtedly a bigger frenzy regarding Purpose. Balchunas even said that was the most traded ETF in Canada on its first day. Evolve, though, achieved a rank in the top 20 on its opening day at a respectable eighteenth place.

Investors are always aiming at a low-risk way of riding Bitcoin’s bull run, ETFs bringing auditable investment systems that rejoice in the regulatory headlamps and trying not to worry on the matter, either with Bitcoin’s price or its blockchain security.

By: Jenson Nuñez

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