USA's First Bitcoin ETF Attracted Great Interest

The USA's first Bitcoin ETF attracted great interest. Bitcoins under the management of the ETF exceeded 36 thousand.

The amount of Bitcoin under the management of Purpose Bitcoin ETF, the first spot Bitcoin ETF in Continental America, has reached a record level. On March 25, the number of Bitcoins in the ETF increased to 36 thousand 321 BTC. At current prices, this equates to $1 billion 600 million. In just 10 days, 3,032 BTC worth $135 million was added to the ETF. Spot Bitcoin ETFs, along with Purpose and others, have been trading in Canada for about a year now, with the market most awaiting approval for a spot ETF in the US. The US Securities and Exchange Commission (SEC), which has been resisting on this issue for many years, continues to reject spot ETF applications. Spot Bitcoin ETF approval could be granted in 2023, according to a forecast recently put forward by Bloomberg ETF analysts. Analysts base this prediction on the SEC's rule change proposal. It is anticipated that the institution will approve the spot ETF when the rule change comes into effect, which will also include cryptocurrency exchanges within the scope of the SEC. This is expected to happen by mid-2023.