Bitcoin ETFs in the U.S. and Canada: the shift from top buyer to biggest loser
As the cryptocurrency landscape evolves, the dynamics of Bitcoin exchange-traded funds (ETFs) in the U.S. and Canada have taken a significant turn. In 2024, Canadian investors are migrating towards more liquid alternatives in the U.S., resulting in the largest outflows of cryptocurrency exchange-traded funds in Canadian history.
a changing landscape in 2024, the United States has firmly established itself as the global leader in Bitcoin spot ETFs, while Canada, a pioneer in launching physically settled Bitcoin ETFs, has faced unprecedented losses. U.S. Bitcoin spot ETFs accounted for 100% of the $44.2 billion in net inflows to cryptocurrency exchange-traded products (ETPs), consolidating the U.S. position as the largest holder of Bitcoin ETFs by assets under management (AUM). In stark contrast, Canada experienced $707 million in net outflows, reflecting a notable shift towards U.S. options.