Exchange-traded institutional funds, or ETFs, have become increasingly popular in the cryptocurrency sector. This time, it seems that Canadian ETF investors are optimistic about Bitcoin.

Lex Moskovski, chief investment officer at cryptocurrency-focused hedge fund Moskovski Capital, shared a Glassnode chart on Twitter. That chart shows that Canadian ETF investors remain optimistic about cryptocurrency.

The chart reflects the performance of the Purpose Bitcoin ETF, which launched in February 2021 following approval by Canadian regulators. It shows that over the past two weeks, Bitcoin ETF investors are amassing shares, indicating that there is still demand for BTC.

What interest do Canadian investors have in ETFs?

At this point it is worth remembering how Bitcoin was hitting all-time highs this year before plummeting after Elon Musk comments that BTC mining is bad for the environment. Then the fall was reinforced by the Chinese government’s crackdown on mining farms.

Since its all-time high of over$ 63K in mid-April, Bitcoin now hovers around$ 34K, but the fall in the market has apparently not frightened investors in Canada. In June, Purpose Bitcoin ETF holdings hit an all-time high of 19,692. 149 BTC when Bitcoin already fell to US$ 33K.This is almost half of its all-time high.

Bitcoin Purpose ETF first in Canada and North America

«When we launched Purpose Bitcoin ETF, we knew we were filling a gap in the market. Reaching this milestone so quickly proves that investors are looking for convenient and secure access to cryptocurrenciessaid Som Seif. Seif is the founder and CEO of Purpose Investments Inc. the company behind the back.

Approval of a Bitcoin ETF in Canada was anticipated to encourage neighboring countries to do the same, but to date, regulators in the United States have not yet approved a Bitcoin ETF. «I thought that if we had applied our standards as we have applied them to other products, we would have already approved one or more of themsaid SEC commissioner Hester Peirce.

Peirce, who has been pushing for a Bitcoin ETF to be approved in the United States, explained that the reasoning used in the past to disapprove such a fund has weakened. He also noted that the Bitcoin market has already matured with increased involvement of institutional retailers and major investors.