North America’s First Bitcoin ETF Sees Explosive Debut with $ 564 Million in Assets

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Less than a week after its debut, the Purpose Bitcoin exchange-traded fund continues to attract significant inflows of investor capital, providing additional reassurance that institutional interest in digital assets is on the rise.

Cryptographic data provider Glassnode reported On Tuesday, the Purpose ETF reached $ 564 million in assets under management, an impressive achievement given the fund’s launch just five days ago. As TBEN reported, the fund generated $ 80 million in volume in its first hour of trading and hit nearly $ 100 million on day one.

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Glassnode data reveals that on Tuesday the Purpose ETF had 8,288 BTC, after adding 2,251 BTC on Monday.

This explosive growth matches a recent forecast by Bloomberg analyst Eric Balchunas, who said the ETF would likely hit $ 1 billion in assets by the end of the week.

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Canada quickly became a hotbed for Bitcoin ETF activity. In addition to the Purpose ETF, Evolve Funds Group has received approval from the Ontario Securities Commission to launch its own Bitcoin fund. Trading under the ticker symbols “EBIT” and “EBIT.U”, the Evolve Funds ETF will provide direct exposure to BTCs valued in Canadian and US dollars.

Entries in the ETF Purpose do not appear to be affected by Bitcoin’s recent price retracement. The flagship cryptocurrency fell sharply earlier in the week and briefly fell below $ 45,000, according to data from TradingView. From peak to trough, the price of Bitcoin has fallen by more than 20%. It was last seen above $ 46,700.

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