Bitcoin ETF availability in Canada is now leading to the dissolution of Grayscale Premium.
2 Bitcoin ETFs that are present in Canada from the Purpose Investments, as well as 3iQ, have now resulted in the addition to the total BTC of 10,700.9033 in the month of February this year in 2021 that indicates over 2/3 of the monthly inflow of Grayscale.
Grayscale Left Behind In Bitcoin ETF Addition
As of now, Grayscale is exponentially losing its number 1 place as the best and most popular BTC investment product preferred by the investors.
The trust of GBTC is witnessing a total inflow of BTC that is 6,599.9 in the month of Feb. 2021 that has been calculated by Glass node. In addition, the inflow was much less as compared to the earlier month by almost 85% during the time when the funds had been added and led to a BTC of 41,568.
When this case is being compared, the BTC treasury of Purpose has successfully managed to add BTC of 10,215.9033 within the month of February itself. The securities regulator of Canada has cleared the Purpose Investment in order for them to start the product of Bitcoin ETF on 12th February. Their stock checkers for the products of investment are BTCC.U CN along with the unhedged dollar of Canada, BTCC.C CN.
The 2nd Bitcoin ETF from the fund of 3iQ witnessed an inflow of BTC of 485 after a massive addition in January that was 4,889.9.
The GBTC premium has dropped negative yesterday, then maintained a 2% low yearly management fee at present that effectively has a negative premium of 1.82%. All these reasons have started making an adverse effect on the demand for Grayscale.