The U.S regulatory environment has created a situation where the country is playing catch-up with the rest of the world on some crypto developments. For example, China leads the way in the actualization of digital fiat, while Canada is far ahead of the U.S in the actualization of crypto-related investment instruments like Bitcoin ETF.
Canadian-based Purpose Investments ETF, that launched two months ago is already gaining traction, currently has assets under management that is worth $1.1 billion.
Since its launch, another two, Evolve Fund Group’s Bitcoin ETF and CI Galaxy Bitcoin ETF, have come up and they are also gaining traction, as they have assets under management worth $200 million. The growing market share of Canadian crypto ETFs has a lot to do with the friendly regulatory environment in the country.
This has given the country first-mover advantage in the launch of North-American based crypto ETFs. These Canadian-based ETFs have seen a massive increase in value, due to the increasingly bullish crypto market. Bitcoin is making new highs every day which will keep reflecting in the value of these funds globally.
Across the border, in the U.S., a number of institutions are lining up for regulatory approval to launch ETFs. Some of those that have expressed interest in launching Bitcoin ETFs are Fidelity, Galaxy Digital and Skybridge Capital.
While there is no approved ETF in the U.S, yet; all indications are that the regulators are warming up to the idea. Analysts believe that in the next one to two years, these ETFs will be a reality in the U.S while others believe it could happen sooner out of fear of being left behind.