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America’s First Bitcoin ETF Hits A Record High Trading Volume
The Purpose Bitcoin ETF has climbed to a new all-time high in the number of Bitcoins it holds.
Harshvardhan
11:14 25th Mar, 2022
Markets

The first Bitcoin futures exchange-traded fund (ETF) in North America, the Purpose Bitcoin ETF, designed to provide investors with risk-adjusted returns above outright token ownership has climbed to a new all-time high in the number of Bitcoins it holds.

As things stand, the ETF currently holds 36,271.8BTC and has seen a net gain of 2,473.5BTC in the previous two weeks, according to data from on-chain data analytics platform Glassnode shared by Wu Blockchain on March 25.

The rise has occurred as a result of a huge infusion of capital since both the general mood of the market and the price of Bitcoin have improved over the last two weeks.

Source: Glassnode

Notably, the cryptocurrency market soared beyond $2.5 trillion when the U.S. Securities and Exchange Commission (SEC) approved the first Bitcoin futures exchange-traded fund back in October 2021.

Finally, it’s important to note that a futures ETF is not the same thing as a conventional exchange-traded fund, which crypto proponents have been lobbying for quite some time now.

A standard ETF offers investors exposure to the underlying asset,  but a futures ETF only allows investors to bet on the price of the underlying asset (in this case Bitcoin).

Source



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