Less than a week after its launch, the Purpose Bitcoin exchange-traded fund continues to draw massive inflows of investment funds, giving more confirmation that global interest in crypto assets is on the rise.
Crypto Data Provider Glassnode announced on Tuesday that the Aim ETF had crossed $564 million in assets under control, a remarkable feat given that the Fund had only been launched five days earlier. As Cointelegraph announced, the fund generated $80 million in volume during its first trading hour, hitting almost $100 million on the first day.
Glassnode data shows that as of Tuesday, the Purpose ETF had 8,288 BTCs, adding 2,251 BTCs on Monday.
Just a few days after the world's first #Bitcoin ETF started trading, its holdings are at 8,288 BTC – 2,251 were added yesterday alone.— glassnode (@glassnode) February 23, 2021
The ETF's AUM has crossed half a billion USD, currently sitting at $564M.
Charts: https://t.co/gupWslpJDR pic.twitter.com/FMMFSDZJ7Z
This exponential rise is in line with the recent prediction by Bloomberg analyst Eric Balchunas, who said the ETF is expected to reach $1 billion in assets by the end of the week.
Canada has rapidly emerged as a hotbed for Bitcoin’s ETF activity. In addition to the Aim ETF, the Evolve Funds Company has obtained permission from the Ontario Securities Commission to set up its own Bitcoin Fund. Trading under the “EBIT” and “EBIT.U” ticker marks, the Evolve Funds ETF will have direct exposure to BTC valued in both Canadian and U.S. dollars.
Inflows to the Reason ETF tend to be unaffected by Bitcoin’s latest price retracement. The flagship cryptocurrency declined dramatically at the beginning of the week and sank momentarily below $45,000, according to TradingView results. Peak to trough, the price of Bitcoin dropped more than 20%. It was last seen carrying over $46,700.