Canada has now launched 7 Bitcoin spot ETFs!

Ritu77

The cryptocurrency market is undergoing a significant transformation, with global investors realizing the crucial role played by the introduction and expansion of Bitcoin spot ETFs in bridging traditional financial markets. According to XS.com research, Canada has launched seven Bitcoin spot ETFs, leading in this field with a total investment of $2 billion.

Canada's seven Bitcoin spot ETFs, with a combined total investment of $2 billion, are spearheaded by the globally renowned Purpose Bitcoin ETF, the largest of its kind with assets reaching $819.1 million. It is considered a successful case of integrating cryptocurrencies into the mainstream financial system.

In Europe, led by Germany, a more flexible regulatory approach has been adopted. For instance, the ETC Group Physical Bitcoin, launched in June 2020, has assets valued at $802 million, making it the world's second-largest Bitcoin investment fund. Europe also hosts seven other tax-advantaged ETFs. XS.com market analyst Rania Gule believes that this policy strengthens the legal and financial framework for cryptocurrencies, making Europe more crypto-friendly.

Currently, eight countries, including G20 member nations, Canada, Germany, Brazil, Australia, Liechtenstein, Guernsey, and the Cayman Islands, have embraced Bitcoin spot ETFs. However, the United States remains cautious, with the Securities and Exchange Commission (SEC) approving only ETFs related to Bitcoin futures.

Analysts estimate a conservative influx of $155 billion into the market if US Bitcoin spot ETFs are approved. With several asset management giants overseeing over $15.6 trillion, allocating just 1% of their total assets under management to Bitcoin ETFs could inject $155 billion into the market, nearly one-third of Bitcoin's current market value.

The SEC's decision on Bitcoin spot ETF applications could be a turning point for cryptocurrency development. The anticipated approval by the SEC is expected in the first quarter of 2024. Alongside the brewing expectations of Bitcoin halving, Rania Gule points out that the immediate demand for Bitcoin through exchange-traded ETFs might surpass 6-7 times that of miner sales during peak times. By 2028, Bitcoin spot ETFs could constitute 9-10% of the total circulating Bitcoin.

Samiksha

This is something worth looking into.

Kahn332

It seems like this country is moving quite swiftly.

Indra55

They've already launched seven Bitcoin spot ETFs.