Eric Balchunas said that Purpose’s Bitcoin ETF could overtake all other ETFs in Canada within 2 months.
After just two days of trading, the first exchange-traded Bitcoin ( BTC ) fund in North America reached a volume of more than 400 million US dollars.
The volume is expected to increase even further
According to a tweet from Bloomberg analyst Eric Balchunas, the Bitcoin exchange-traded fund, recently launched by Canadian firm Purpose Investments, is likely to reach $ 1 billion in assets under management by Feb.26 . Shortly before, Purpose had reported that its Bitcoin ETF had traded $ 421.8 million between its listing on the Toronto Stock Exchange (TSX) on February 18 and its close on Friday. The ETF is listed under the ticker BTCC.
Balchunas compared the impressive start of Purpose’s Bitcoin fund to other ETFs currently trading on the TSX. With total assets of more than $ 4.6 billion, the JPMorgan BetaBuilders Canada ETF is one of the largest ETFs in the country . The Bloomberg analyst said he „wouldn’t be surprised“ if Purpose’s Bitcoin ETF outperformed everyone else in Canada within two months. Unless there is an unexpected „nasty sell-out“.
The Purpose ETF isn’t the only exchange-traded Bitcoin fund in North America
Last week, the Evolve Funds Group also received approval from the Ontario Securities Commission to launch its own Bitcoin ETF, which began trading on Friday under the ticker EBIT. By the close of trading on Friday EBIT.U had 103,595 units at a price of 21.54 US dollars traded .
While some investment managers have suggested that the US Securities and Exchange Commission under US President Joe Biden may be more open to a Bitcoin ETF, regulators in the United States have not yet given the go-ahead. New York-based Digital Investment Group and Dallas-based Valkyrie Digital Assets have applied for a Bitcoin ETF since the new president took office.
According to the TSX, BTCC.B has 9,270,111 units at a price of 10.55 US dollars and BTCC.U 2,065,855 units at a price of 10.57 US dollars traded .