North America’s first Bitcoin ETF is making an explosive debut with $ 564 million in assets

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Less than a week after its debut, the exchange-traded Purpose Bitcoin fund continues to attract large inflows of investor capital, providing further confirmation that institutional interest in digital assets is rising.

Crypto data provider Glassnode reported Tuesday that the Purpose ETF had reached $ 564 million in assets under management. This is an impressive feat considering the fund was only launched five days ago. As Cointelegraph reported, the fund had a volume of $ 80 million in its first hour of trading and hit nearly $ 100 million on the first day.

Glassnode data shows the Purpose ETF was 8,288 BTC on Tuesday, after adding 2,251 BTC on Monday.

That explosive growth is in line with a recent forecast 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 quickly become a hotbed for Bitcoin ETF activity. In addition to the Purpose ETF, the Evolve Funds Group has received approval from the Ontario Securities Commission to set up its own Bitcoin fund. The Evolve Funds ETF trades under the ticker symbols “EBIT” and “EBIT.U” and offers direct exposure to BTC at prices in Canadian and US dollars.

The inflows into the Purpose ETF do not appear to have been affected by the recent Bitcoin price tracking. The flagship cryptocurrency fell sharply earlier in the week and briefly fell below $ 45,000 according to TradingView data. Bitcoin price fell by more than 20% from peak to trough. It was last seen when it held above $ 46,700.