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Latest Cryptocurrency Data: 14 Exchange-traded Funds (ETFs) are Cashing in with Bitcoins worth $28.5 Billion

"Bitcoin's volatility is a turn-off for potential investors."- Edith Reads

In the latest report published by TradingPlatforms, Exchange-traded Funds (ETFs) are gaining solid traction among Bitcoin investors. Today, ETFs are widely traded in the cryptocurrency market. ETFs are fast-capitalizing on the global trend pushing bitcoin (BTC) transactions up the popularity ladder. Overall, ETFs give BTC the appeal among investors and merchants. Going by the latest data, 14 ETF firms hold BTC valued at over $28 billion, as per TradingPlatform report.

The total worth of these ETFs – 809,848 Bitcoins, roughly estimated to be around $28.5 billion. Overall, this might account for less than 4 percent- but they hold an important place in the global BTC market nonetheless.

As per the BTC data, there’s one thing that keeps the Exchange-traded Funds on the move. It’s the volatility and risks associated with bitcoin prices that keep investors at bay, well in most cases. But with ETFs rising on the horizon, these risks might just be a thing of the past. Many online firms and cryptocurrency exchanges are already offering BTC onboarding to customers even as bitcoin volatility would remain in play in the market.

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Why are Canadian investors topping the Exchange-traded Funds list?

Grayscale Bitcoin Trust has invested over 640 thousand BTC (about $22.8 billion), owning over 80% percent of the combined BTC holding by the 14 ETFs. But that’s not what’s startling in the report.

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Canadian firms dominate the Exchange-traded Funds spread. There are 6 Canadian out of 14 ETFs. 4 were US-based followed by German and Swiss firms who had 2 ETFs each.

Top BTC holders in the ETFs report are:

  • Grayscale Bitcoin Trust- 640k BTCs
  • CoinShares/XBT Provider ETF- 48k BTCs, worth around $1.7 billion
  • Purpose Bitcoin ETF- 28k BTCs ($790 million)
  • 3iQ CoinShares BTC ETF- 21k BTCs, valued at $748.6 million
  • ETC Group BItcoin ETP- 18k BTCs, worth over $633 million

Compared to the US market, Canada enjoys leniency toward BTC ETFs. This is an open invitation to all BTC traders who could be eyeing bitcoin spot-trading and ETFs to grow their crypto portfolio in the coming months. The US, on the other hand, is still mulling over the idea to license BTC spot trading options and ETFs.

The Canadian dominance is due to the nation’s relaxed stance on BTC ETFs. For instance, it has licensed both BTC spot trading and futures ETFs. Many Bitcoin enthusiasts tend to favor the former over the latter product. So, where is the ETF market heading in 2022?

Can you make a guess?

[To share your insights with us, please write to sghosh@martechseries.com]

Source of data: TradingPlatform

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