The first Bitcoin ETF in North America reached $ 421.8 million in just 2 days

The North American Bitcoin exchange-traded fund (Bitcoin ETF) market has had a very good start over the past week. The first publicly traded North American Bitcoin ETF in Canada raked $ 421.8 million in regulated assets (AUM) in just two days. If the current growth is maintained, the fund could reach $ 1 billion AUM by the end of this week.

The first Bitcoin ETF in North America reached $ 421.8 million in just 2 days

Since it opened for trading on Feb. 18, the Canadian Bitcoin ETF has amassed $ 421.8 million in assets. Bloomberg’s Eric Balchunas has announced that the fund is currently breaking the estimate of its analyst prediction data. He said that if this rate continues, it will be the largest ETF in Canada in 20 days.

This month, Canada approved two Bitcoin Exchange exchange funds. The Purpose ETF launched on Feb. 17, trading $ 80 million worth of shares in its first hour and $ 165 million on its first day. Then Evolve Bitcoin ETF the next day. Purpose’s market cap is currently at $ 2.6 million at press time. In contrast, Evolve is valued at $ 1.3 million.

Currently, the United States has no approved Bitcoin ETF. The alternative is Bitcoin trusts like Grayscale, although these often have high management fees. However, since Gary Gensler became the new chairman of the SEC, the impact on cryptocurrencies has also gradually been positive, companies like VanEck have re-registered a Bitcoin ETF with the SEC and Valkyrie Digital Assets have made similar moves.

Former CFTC Chairman Gary Gensler said ICOs should be viewed as securities. This is a huge door opening new avenues for the crypto market. If Canadian ETFs continue to prove successful, it could encourage US regulators to reconsider Bitcoin ETFs more actively.

You can see the BTC price here.

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