ETF may replace Grayscale and become the main driving factor for the future price of BTC

In just one month since its launch, the Bitcoin Purpose Investments ETF has surpassed the Canadian dollar 1 billion (US $ 800 million) mark. This ETF is North America's first exchange-traded fund, enabling institutional investors to enter the Bitcoin market in a regulated manner.

As stated by the Canadian company, investors have shown great interest in the product, and as a result, the product has reached an important milestone.

This Bitcoin ETF was launched on February 18 and hit a new high of nearly $ 165 million on its first day of listing. A week later, it has hosted more than 10,000 BTC, showing that professional investors have a strong interest in cryptocurrency. Today, this ETF has surpassed 1 billion Canadian dollars in just one month of being founded.

"When we launched the Purpose Bitcoin ETF, we knew we were filling a gap in the market. Recognizing this milestone quickly proves that investors are looking for convenient and secure access to cryptocurrency, and demonstrates that they treat us Trust ETF as the primary tool for this risk exposure, "said Som Seif, executive officer of the Destination Investment Agency.

The aim of the Bitcoin ETF is that it is the first ETF to be supported by BTC, not derivatives. This allows investors to easily enter the Bitcoin field without worrying about the risk of self-custody . This ETF is traded on the Toronto Stock Exchange under the trading code BTCC.

Gemini, the exchange of the Winklevoss twins, stores all BTC for the Bitcoin Destination ETF.

Right now, there is a question we need to consider, are Bitcoin ETFs a threat to GrayScale?

When BTCC was first launched, almost no one could predict that BTCC would be a big success. With over $ 1 billion in assets under management in Bitcoin, ETFs are now powerful investment tools.

However, not all companies are happy to see it happen, and GrayScale is one of them. Over the years, the GrayScale Bitcoin Trust has been a channel for large institutional investors to acquire Bitcoin.