Canadian Bitcoin exchange-traded fund (ETF) holdings have increased to all-time highs according to recent research, and spot-based products are leading the way.
Canadian Bitcoin ETFs have increased their holdings by 6,594 Bitcoin (BTC) since January to reach an all-time high of 69,052 total BTC held.
The Purpose Bitcoin ETF saw the biggest increase in holdings over that time period with a net growth of 18.7% to 35,000 BTC, according to Glass node.
An ETF is an exchange-traded fund that allows investors to speculate on the price of an asset without having to hold any themselves. The Purpose Bitcoin ETF, a spot Bitcoin ETF, currently has about $1.68 billion in assets under management. No such spot Bitcoin ETF is currently available in the U.S. but the metrics show that investors are hungry for the Canadian product.
Blockchain analytics firm Glass node pointed out in its recent Week OnChain report that the crypto exchange outflow rate reached a 2022 high of 96,200 BTC per month.