Canadian Crypto ETFs See Growth Slow After Blockbuster Launch

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The seven Canadian crypto ETFs got off to a promising start this spring, but have seen a significant decline in asset growth since May.

For example, the Purpose Bitcoin ETF (BTCC), Canada’s first crypto ETF, had a massive launch in February, with the fund raising more than $ 421 million in assets under management in its first two days (every figures are in US dollars). As of mid-April, the fund was managing over $ 1 billion in assets.

At the time of writing, however, BTCC’s AUM had fallen to $ 756.4 million.

Evolve, Galaxy Bitcoin ETFs also fall

As the SEC continues to delay approval of U.S. crypto ETFs, Canada has approved at least seven this year.

But it seems that there is only a limited market share for these products, especially the second and third entrants.

For example, the Evolve Bitcoin (EBIT) ETF, launched a day after BTCC, held $ 91 million in mid-April. It has since fallen to $ 77 million.

Meanwhile, the CI Galaxy Bitcoin ETF (BTCX) launched on March 5 and currently has $ 191 million under management. This is higher than EBIT, but still far from BTCC.

More recently, two Bitcoin Futures ETFs were launched in Canada: the Horizons BetaPro Bitcoin ETF (HBIT) and the Horizons BetaPro Inverse Bitcoin ETF (BITI).

Both ETFs struggled to recover a lot of assets. HBIT has just over $ 2 million in assets, while BITI has $ 15 million.

Ether ETF AUMs are also falling

Even Ethereum ETFs are experiencing a slowdown in asset growth.

On April 15, Canadian regulators approved three Ethereum ETFs, all of which began trading on April 20.

The Purpose Ether ETF (ETHH) currently has $ 101 million in assets; the CI Galaxy Ethereum ETF (ETHX) currently has $ 302 million in assets under management; and the ETF Evolve Ether (ETHR) currently has assets under management of $ 33 million.

Due to Canadian fund disclosure regulations, none of these funds may publish performance statistics until they have completed a full year.

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