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BCH $548.41 (0.57%)
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First-Ever North American Bitcoin ETF is Breaking Records

First-Ever North American Bitcoin ETF is Breaking Records
  • The first-ever North American Bitcoin ETF breaks records in its first week.
  • BTCC traded $80 million worth of shares in its first hour and $200 million in its first day.

BTCC just became the first bitcoin exchange-traded fund (ETF) to get regulatory approval in North America. The ETF has already shown that the market has a big craving for such a product.

The Bitcoin ETF (BTCC) was brought to market by Purpose Investments this past week. Where BTCC traded $80 million worth of shares in its first hour and $200 million in its first day. Thus breaking a myriad of trading records.

According to Eric Balchunas, Bloomberg senior ETF analyst, the volume is ten times higher than that of the average ETF.

In addition, BTCC traded $350 million in shares on its second day, three times more than any other ETF.

While BTCC is the first official bitcoin ETF to hit the North American market, it will not be the last. Ontario regulators also allowed a second bitcoin ETF from Evolve Funds Group this week.

Also, bitcoin custodian recently put in a regulatory approval filing to offer a similar bitcoin ETF product in the United States. The extreme volumes and interest in the BTCC ETF have shown startling retail excitement. The numbers show that there is a need for more easy, safe bitcoin publicly traded products.

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A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.