Less than a calendar week after its debut, the Purpose Bitcoin commutation-traded fund continues to concenter large inflows of investor capital, offering farther reassurance that institutional involvement in digital assets is on the rise.

Crypto data provider Glassnode reported Tuesday that the Purpose ETF has reached $564 million in assets nether management, an impressive feat considering the fund simply launched five days agone. Every bit Cointelegraph reported, the fund generated $80 million in volume during its first hr of trading and reached about $100 meg on its beginning day.

Glassnode data reveals that every bit of Tuesday, the Purpose ETF had 8,288 BTC, having added ii,251 BTC on Monday.

This explosive growth aligns with a contempo forecast by Bloomberg analyst Eric Balchunas, who said the ETF volition likely hit $1 billion in assets by the cease of the calendar week.

Canada has quickly emerged as a hotbed for Bitcoin ETF activity. In addition to the Purpose ETF, Evolve Funds Group has received blessing from the Ontario Securities Commission to launch its own Bitcoin fund. Trading under the ticker symbols "EBIT" and "EBIT.U," the Evolve Funds ETF volition provide direct exposure to BTC priced in both Canadian and U.S. dollars.

Inflows into the Purpose ETF appear to be unaffected by Bitcoin's recent toll retracement. The flagship cryptocurrency declined sharply at the start of the week and briefly barbarous beneath $45,000, according to TradingView data. Meridian to trough, Bitcoin's price fell more than 20%. Information technology was last seen holding above $46,700.