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Canadian exchange-traded fund, Purpose Bitcoin ETF purchased a whopping 6.9k BTC just yesterday, recording its biggest Bitcoin purchase of over $2 billion in a day by a massive margin as revealed by data from blockchain information provider Glassnode. Prior to this, the largest daily inflow was around 2.9k BTC.
Total AUM for Purpose Bitcoin ETF has grown to CA $1.5 Billion
With this recent purchase, the total assets under management (AUM) for the Purpose Bitcoin ETF has grown to CA$1.5b (US$1.2b) with a total of 41620 BTC under the management of the ETF as at press time. Due to the current slump of the crypto market, however, the YTD daily returns of the ETF is down by 30%.
Per data from cryptocurrency information platform Coinglass, late last month, the ETF purchased a total of 1,132 Bitcoin after selling off some of its assets the previous month amidst the Bitcoin bear market that has plagued the asset throughout this year.
Purpose Investments launched the Purpose BTC ETF in February, 2021 – the first of its kind – to give investors the opportunity to invest in BTC without directly trading the assets or holding it in their portfolio. The ETF amassed up to $1 billion of AUM after the first month as it traded on the Toronto Stock Exchange with ticker BTCC.
Why Bitcoin ETF is the next big thing?
Cryptocurrency ETFs are funds that contain cryptocurrencies. Typically, a Bitcoin ETF gives investors the ability to purchase funds which are directly tied to the price of BTC, giving them the opportunity to hold investments in BTC without directly holding the asset.
