America’s Bitcoin ETF Hits a Record High Trading Volume

The Purpose Bitcoin ETF is the first ETF of this kind in America. It’s designed to provide high-risk adjusted returns. Recently, it hit an all-time high in the number of bitcoins it holds, followed by the inflow of capital.

Improved Mood Among Investors

At the moment, the investors feel better about their cryptocurrency investments and believe it’s a technology worth investing in, which brought the infusion of capital in the market. 

For now, the Canadian ETF holds 36,271.8 BTC and saw a net gain of 2,473.5 BTC. On the other hand, the ProShares ETF (BITO) has also risen to more than 28,000 BTC. Such large inflows into BITO mean that the investors’ enthusiasm for Bitcoin increases.

In October 2021, the cryptocurrency market hit $2.5 trillion, as the SEC approved Bitcoin futures exchange-traded funds. However, the futures ETFs aren’t the same as conventional ETFs.

While a standard ETF offers exposure to the underlying asset, in this case, Bitcoin, the futures ETF only lets investors bet on the underlying asset’s price. This is why crypto proponents promoted the standard ETF for a while.