Canadian Bitcoin ETF roaring success in the ETF market

Canada has proved that it has some system leading to innovation
  • The Canadian ETF market is found roaring since the launch of the first-ever Bitcoin ETF
  • In just two days, the trading volume of the new BTC investment instrument surpassed $400 million worth of shares
  • United States has once remained behind in terms of embracing an ETF product

The ETF market has been startling in the North American region since Canada introduced the first ETF in 1990. On Thursday, Canada listed the first-ever Bitcoin ETF on the Toronto Stock Exchange. The BTC investment instrument is the first of its kind in entire North America, and the ‘ETF’ label was the first in the world. However, observing the performance of the investment product, it is found that the latest ETF was roaring the ETF market. Following the performance, it is observed that the nation has quietly built a reputation for such coups.

The Canadian ETF market is soaring with new Bitcoin ETF

The first-ever Bitcoin ETF in the Canadian ETF market was launched on Thursday with the ticker BTCC. Since the launch, in just two days, the product’s trading volume was observed surpassing the benchmark level of $400 million worth of shares. Such tremendous performance was never witnessed in the largest ETF market. Moreover, such performance was also not witnessed in Europe. Where in Europe similar BTC investment products have already accumulated approximately $6.5 billion in assets.

Canada left the US behind in terms of embracing ETFs

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Following the history of different ETF products launched in the Candian ETF market, it is clear that the Canadian regulator is more elegant, liberal, and innovation-focused. In the United States, the Securities and Exchange Commission (SEC) has rejected plenty of proposals for a Bitcoin exchange-traded fund. With rejections, the SEC cited that the prices can be manipulated and liquidity is insufficient. For the aforementioned reason, the US investors need to blow cash into Bitcoin funds, like Grayscale Bitcoin Investment Trust (GBTC). However, such trusts are more costly, trading at huge premiums to the value of the asset.

Following the current scenario, Ben Slavin, the head of ETFs at BNY Mellon, commented that Canada had been ahead of the US. Still, certain instances are available where the US is ahead. Additionally, Slavin highlighted that he would not necessarily generalize that the United States is always behind. Indeed, it’s Bitcoin as a hot topic and a particular case.

According to Nate Geraci, the ETF store’s president, it is mind-boggling that the US ETF market is still lacking a Bitcoin ETF. Although there could be complexities to maintain the balance between embracing innovation and investor protection, an ETF would seem to strike that balance.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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