The following is the Bitcoin ETF has held more than 10000 BTCs in one week since its launch From Glassnode recommended by recordtrend.com. And this article belongs to the classification: Blockchain, Bitcoin.
The world’s first bitcoin Exchange Traded Fund (ETF) achieved great success in the first week of its launch. According to glassnode, purpose, the fund’s issuing company, has held more than 10000 bitcoins, with 10064 bitcoins at the time of publication.
Canadian company purpose investment is the first company to launch bitcoin ETF in the North American market. The trading code of this ETF is “BTCC” and it is traded on the Toronto Stock Exchange. On the first day of issuance, it broke the trading record of nearly US $400 million, making it one of the top five ETF listed companies in North America.
Greg Taylor, chief investment officer of the company, believes that the huge demand for bitcoin ETF proves that the market demand is restrained.
Greg Taylor told Yahoo Finance in an interview that his company has the advantage of being open to ordinary investors. Other similar products, including grayscale’s bitcoin trust, are closed-end and only serve institutional investors.
“A lot of people want to have access to bitcoin, but they don’t really want to do it by opening their own accounts or wallets, and they don’t want to trade some other closed-end funds,” he said. In my opinion, ETF has opened up a good choice for investment in bitcoin. We are very happy to see its transaction, and we also see some results brought about by pent up demand. “
Taylor further revealed that the demand for BTCC is distributed all over the world. “For ETF, it is difficult to find the exact source of funds, but many people have expressed their hope to obtain this product from all over the world.”
Purpose’s bitcoin ETF has begun to stir up waves in the market, even though it has only been released for a week. One effect is that investor interest in grayscale’s bitcoin trust has cooled. For the first time in five years, Trust shares have traded at a discount.
GBTC shares fell 22 per cent yesterday, closing 3.8 per cent below the value of the trust’s underlying stake. Since its launch in 2013, the company’s share price has been at a premium. The premium peaked at 132% in May 2017. In mid-2020, the premium will be as high as 40%.
Nate geraci of ETF store, a consultancy, believes that this is due to the rise of competitive products.
“Since the beginning of this year, we’ve seen the launch of a variety of competitive products,” he told blog. This is not good news for GBTC investors. Competition has weakened investors’ demand for the product, which may lead to a sharp drop in premium or even a discount. “
In Canada, the popularity of purpose’s bitcoin ETF is forcing its competitors to lower their fees to compete. Evolvefunds group, a Canadian asset management company, is the second company to launch bitcoin ETF. Its products made their debut one day after the launch of purpose’s ETF.
But when purpose’s ETF broke the record of $600 million, evolve’s ETF attracted only $28 million, forcing it to lower its fees to attract investors.
Evolve reduced management fees from 1% to 0.75%.
Raj Lala, its chief executive, said: “today, we are happy to provide investors with the most cost-effective bitcoin ETF. Our bitcoin ETF allows investors to access physical bitcoin in a fully regulated way in their brokerage accounts.
Read more: glassnode: in January 2021, the number of active bitcoin addresses exceeded 22.3 million, a record high. Google Trends: data show that the search volume of “buying bitcoin with credit card” reached a record high, juniper Research: cryptocurrency is on the verge of collapse Credit Suisse: data show that 4% of addresses hold 97% of bitcoin coinmarketcap: in August 2018, the market value of global cryptocurrency dropped to US $200 billion chainalysis : 2020 cryptocurrency crime report: the proportion of criminal activities in cryptocurrency transactions will drop sharply in 2020 bitwise: up to 86% of cryptocurrency transactions may be forged BofA Securities: bitcoin has become the best investment in the past decade 21.2% of American college students use financial aid funds to invest in cryptocurrency hash Pie: 2017 Annual report on the digital money market ecosystem report CoinDesk:2017: the bubble of the bitcoin is different from the past. University of Sydney: research shows that nearly half of the bitcoin transactions involve illegal activities. At the beginning of Coinmarketcap:2018, the market value of the global digital encryption currency evaporated 557 billion 100 million dollars in one month, and the value of bitcoin evaporated 44 billion dollars in January 2018.
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