Earlier this week, Canadian regulators approved three Ethereum exchange-traded funds (ETFs), and these products are already off with an explosive start.
Just a few days after launch, the three Canadian ETFs have seen recorded more than $138 million in trading volume. The three ETFs by Purpose Investment, CI Global Asset Management, and Evolve ETFs, began trading on the Toronto Stock Exchange on Tuesday. The ETFs give investors exposure to shares that represent Ethereum without the trouble of holding the digital asset.
While these numbers may appear impressive, it is nothing compared to the Bitcoin ETFs that were launched earlier this year in Canada. Purpose’s Bitcoin ETF, for instance, traded $80 million in its first house, while Evolve attracted more than $420 million in two days. However, this is a signal that there is a strong market demand for crypto ETFs.
Ironically, the US is still dragging its feet and has failed to approve any crypto ETF. Industry participants are hopeful that the US Securities and Exchange Commission (SEC) will take a cue from Canada and approve a product.
So far, the financial watchdog currently has eight high-profile Bitcoin ETF applications.