Glassnode, the crypto data provider, has reported that the Purpose Bitcoin exchange-traded fund (ETF) has reached $564 million in assets under management, an impressive feat considering the fund, which launched seven days ago.
It has been reported that the fund generated $80 million in volume during its first hour of trading and reached nearly $100 million on its first day.
However, Glassnode data reveals that as of February 23 (Tuesday), the Purpose ETF had 8,288 BTC by having added 2,251 BTC on February 24.
The report said that this explosive growth aligns with a recent forecast by Bloomberg analyst Eric Balchunas, who said that the ETF will likely hit $1 billion in assets by the end of the week. Canada has quickly emerged as a hotbed for Bitcoin ETF activity.
In addition to the Purpose ETF, Evolve Funds Group has received approval from the Ontario Securities Commission to launch its own Bitcoin fund. Trading under the ticker symbols “EBIT” and “EBIT.U,” the Evolve Funds ETF will provide direct exposure to BTC priced in both Canadian and US dollars.
Inflows into the Purpose ETF appear to be unaffected by Bitcoin’s recent price retracement.
Thus, according to TradingView data, The flagship cryptocurrency declined sharply at the start of the week and briefly fell below $45,000.