North America is dominating today’s crypto market as Canadian Bitcoin ETFs are gaining popularity among investors. According to Glassnode’s latest data, three Bitcoin ETFs trading in Canada collectively hold around 62,628 BTC.
Purpose ETF, the largest Bitcoin ETF in Canada, has nearly 30,000 BTC under management. The number represents approximately 47% of the overall holdings of Canadian BTC ETFs. Additionally, Canada is one of the fastest-growing crypto countries in the world.
The adoption of digital assets is on the rise in Canada. With that, the M&A activity has also increased. Earlier this year, WonderFi Technologies announced that the company has decided to purchase the Canadian crypto platform, Bitbuy.
“There are three Bitcoin ETFs trading in Canada, collectively holding a total of 62,628 BTC, equal to 0.33% of circulating supply. The Purpose Bitcoin ETF represents over 47% of these holdings, with 29,847 BTC under management,” Glassnode mentioned.
Purpose Investments has a wide list of crypto products. Last year, the company introduced the world’s first regulated Ethereum (ETH) exchange-traded fund.
Crypto Market Sentiment
The recently developed positive sentiment in the crypto market took a major hit over the weekend after the geopolitical uncertainty. Commenting on the price movement of Bitcoin and the global economic situation, Marcus Sotiriou, an Analyst at GlobalBlock, said: “Bitcoin is holding just above the 50-day moving average whilst there are fears around Russia invading Ukraine today. This fear is due to the uncertainty of war but also the fact that Joe Biden has said he will shut down the Nord Stream 2 pipeline if Russia decides to invade.”
“UBS, the largest bank in Switzerland, is not as optimistic about crypto. On Friday, UBS published its view on crypto legislation in the U.S. It is clear they expect that, despite the persistent pressure for Congress to be more decisive, the U.S. Congress will take a long time to pass legislation,” Sotiriou added.
