Canadian crypto-investors are holding firm in ETFs trades despite trading continuing its bearish streak. As reported by crypto analysis agencies, the market has lost around $1-trillon by 2022, a huge setback for the industry.
To date, Canada has 40 exchange-traded funds for Bitcoin, the main token in the virtual market, and Ethereum, the crypto leader in technology. National Bank Financial, a research firm, indicates that since the first Canadian exchange-traded fund was launched in 2021, fans have not stopped participating in it.
ETFs gain priority in Canada
Although the crypto market is going through a downtrend, this is not a limitation for Canadians to invest in ETFs. However, most fans know during 2022, Bitcoin has fallen by over 70 percent in price compared to last year’s charts.
Canada has been inside the Ether and Bitcoin ETFs since the first quarter of 2021. Eventually, the country that shares a border with the United States was the headquarters of 40 ETFs, valuating $4.3-billion. However, not everything has been perfect for the crypto market in the country because a massive sale of Terra USD was also reported last month due to losing equality to the US dollar in the stablecoin.
Only in May the funds traded in Bitcoin for Canadians reach a figure of $565-million. Simultaneously Bitcoin lost about 20 percent in its price.
ETF in Canada does not slow down
According to Daniel Straus, the head of National Bank Financial, acquiring Canadian ETFs does not slow down as the crypto prices decline. However, the absence of new investors is perceived. Straus believes that Canadian citizens are curious about the virtual market, so they are doing everything possible to participate in ETFs.
However, the director of National Bank Financial clarifies that cryptos are volatile. Straus asks that people not be influenced when trying to use cryptos, taking as a reference that, just as Bitcoin traded above $70,000, it also fell to less than $30,000 in 2022.
In reality, ETFs in Canada give hope amid a declining trade losing steam every day. Crypto companies in the country are likely to continue using this scheme, hoping the cryptos will restore their value at some point. Something encouraging is that virtual commerce has been increasing its number of adoptions for more than a year and is reflected in Canada and the rest of the world.
Source: https://www.cryptopolitan.com/canadians-invest-in-crypto-etfs/