Less than a week after their debut, Purpose Bitcoin funds continue to attract significant inflows of investor capital, providing additional confidence that institutional interest in digital assets is growing.

Encrypted data provider Glassnode said Tuesday that the target ETF had reached $ 564 million in assets under management, an impressive feat given the fund’s launch just five days ago. As Cointelegraph reported, the fund raised $ 80 million in its first trading period, and came to nearly $ 100 million on the first day.

Glassnode data shows that the Purpose ETF had 8288 BTC on Tuesday after adding 2251 BTC on Monday.

The exponential growth is in line with recent forecasts by Bloomberg analyst Eric Balchonas, who said that ETF assets are likely to reach $ 1 billion by the end of the week.

Canada is quickly becoming a hotbed of Bitcoin ETF activity. In addition to the Target ETF, Evolve Funds Group has received the Ontario Securities Commission’s approval to launch its Bitcoin Fund. The Evolve Funds ETF, which is traded under the tickers “EBIT” and “EBIT.U”, will provide direct access to BTC in Canadian and US dollars.

The inflows into the ETF target don’t appear to have been affected by the recent recovery in Bitcoin’s price. According to TradingView, the major cryptocurrency fell sharply at the start of the week and dropped to just under $ 45,000. Bitcoin is down by more than 20%. It was last seen for more than $ 46,700.

Source: CoinTelegraph