Cryptocurrencies
Raging Success of First Bitcoin Fund Shows Who Leads ETF Market
- Canada has first crypto ETF after pioneering bond, pot funds
- U.S. market dominates for size but crypto fund awaits approval
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The roaring success of the first-ever Bitcoin exchange-traded fund will have been no surprise to cryptocurrency fans. But if they don’t know about ETFs, the venue might have been startling.
The explosive debut of the Purpose Bitcoin ETF (ticker BTCC), whose trading volume approached $400 million worth of shares in two days, didn’t happen in the largest ETF market. Nor was it in Europe, where similar exchange-traded products have already garnered about $6.5 billion in assets, according to data compiled by Bloomberg.