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Home » Canada: The Top Destination For Spot Bitcoin ETFs

Canada: The Top Destination For Spot Bitcoin ETFs

Hania by Hania
November 3, 2023
in Bitcoin News
Reading Time: 2 mins read
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Canada: The Top Destination For Spot Bitcoin ETFs
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Table Of Content:

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  • Canada And Europe Dominating The Market
  • Germany And Other Contenders
  • A New Challenger Looms

Summary:

  • Canada boasts a prominent position in the market for spot Bitcoin ETFs, with seven offerings worth $2 billion.
  • The global spot Bitcoin ETF market encompasses 20 offerings with a total value of $4.16 billion.
  • Canada’s assets constitute nearly half of the total global spot Bitcoin ETF market, despite its smaller population.
  • Germany, Brazil, and Liechtenstein are among the countries with notable contributions to the spot Bitcoin ETF market.
  • Canada may face competition from the United States as BlackRock, Fidelity, Grayscale, and others seek approval for their spot Bitcoin ETFs from the SEC.

 

Canada has emerged as the leader in the market for spot Bitcoin exchange-traded funds (ETFs), as reported by CoinGecko on November 3. Out of the eight countries worldwide that offer spot Bitcoin ETFs, Canada stands out with a total of seven funds, boasting a collective value of $2 billion in assets.

DID YOU KNOW: There are currently only 8 countries worldwide that offer spot #Bitcoin ETFs.

The top country for spot Bitcoin ETFs is currently #Canada 🇨🇦, where 7 spot Bitcoin ETFs are incorporated with $2B in total assets.

Read the full study: https://t.co/juqqeIvf6g pic.twitter.com/VjEKrjBgeH

— CoinGecko (@coingecko) November 3, 2023

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Canada And Europe: Dominating The Market

A deeper analysis of the data reveals that Canada and Europe have established themselves as the key players in the spot Bitcoin ETF arena. Canada leads the way with seven offerings, and Europe closely follows with ten.

When considering the global market for spot Bitcoin ETFs, which accounts for a total of $4.16 billion across 20 different offerings, Canada’s $2 billion alone constitutes a substantial 48.2% share of the sector’s assets. This achievement is remarkable for a nation with a population of approximately 40 million.

Canada: The Top Destination For Spot Bitcoin ETFs

Germany And Other Contenders

Canada’s dominance is followed by Germany, which houses one incorporated spot Bitcoin ETF and boasts a total of $802.52 million in assets. Other notable mentions include Brazil, with $295.74 million in assets, and Liechtenstein at $218.18 million.

A New Challenger Looms

Despite Canada’s current stronghold on the spot Bitcoin ETF market, emerging reports suggest that it may soon face strong competition from its southern neighbour. According to a Reuters report published just three days ago, major players such as BlackRock, Fidelity, and crypto-focused firms like Grayscale are vying for their spot in Bitcoin ETFs.

The U.S. Securities and Exchange Commission (SEC) is currently reviewing eight to ten applications for new spot Bitcoin products, although specific timelines for approval remain uncertain.

Tags: crypto etfcrypto news
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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