Bitcoin ETF may hit $1B Friday. What caused such a rally?

Canadian firm Purpose Investments has recently founded the Bitcoin exchange-traded fund, or ETF, the country. Thus far, the fund’s debut was marked with a great surge. According to Bloomberg analyst Eric Balchunas, it may reach $1 billion in assets under management by Feb. 26.

Bitcoin ETF exchanged $421.8 million between the time when it was first registered on the Toronto Stock Exchange on Feb. 18 and when markets closed on Friday – Purpose Investments announced. The company listed its ETF under the ticker BTCC.

Eric Balchunas seems confident that the Purpose Bitcoin fund could beat all other ETFs in Canada within two months if it continues with current success and avoids bad sell-off.

Purpose Investments’s fund is the first Bitcoin exchange-traded fund in North America, and over two days after opening, it reached more than $400 million in volume. Analysts think that it will go even higher.

Balchunas noted that another ETF that began so impressively and also trades on the TSX currently is the JPMorgan BetaBuilders Canada ETF. It is currently one of the biggest exchange-traded funds in the country, with more than $4.6 billion in total assets.

However, there are other ETFs in North America, sharing the wealth. For instance, Evolve Funds Group also received approval from the Ontario Securities Commission last week to launch its own Bitcoin ETF. The latter already began trading on Friday under the ticker EBIT, and it had exchanged 103,595 units priced at $21.54.

Meanwhile, regulators in the United States haven’t approved a single Bitcoin ETF thus far. But some investment managers think that the Securities and Exchange Commission may be more open to the idea under U.S. President Joe Biden’s governing.

How did the cryptocurrency market fare on Monday? 

The crypto market fluctuated during Monday’s session. Bitcoin tumbled down by 1.09% to $56,753.0 on Monday. After a mixed start of the day, the crypto soared to an early morning high of $57,449.0 before dropping to a low of $56,451.0. Binance Coin also plummeted down by 3.24%, leading the way in the red. While it was the mostly bearish session, Crypto.com Coin managed to climb up by 0.31%.

On Sunday, Cardano’s ADA declined by 1.39%, while Crypto.com Coin plunged by 3.74%, and Polkadot lost 0.96%.

On the other hand, the rest of the major cryptos traded in the green. Binance Coin and Bitcoin Cash SV skyrocketed by 16.34% and by 10.91%, respectively. Ripple’s XRP also surged forward by 6.47%. Chainlink edged up by 0.42%, and Ethereum soared by 1.07%. Meanwhile, Litecoin added 0.22%, also finding support.