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Home»ETHEREUM NEWS»Brazil’s Spot Bitcoin (BTC) ETF Finds Huge Demand
ETHEREUM NEWS

Brazil’s Spot Bitcoin (BTC) ETF Finds Huge Demand

By Crypto FlexsNovember 28, 20231 Min Read
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Brazil’s Spot Bitcoin (BTC) ETF Finds Huge Demand
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As investors await approval for a U.S. spot Bitcoin exchange-traded fund (ETF), Brazilian checks have found tremendous value. demand This is about a vehicle that has been traded there for over 2 years. These ETFs had $96.8 million in AUM under management as of November 21, while Hashdex’s Nasdaq Bitcoin Reference Price FDI (BITH11) had $57.8 million in AUM and a market share of about 60%. For comparison, the country’s largest ETF, iShares Ibovespa Index (BOVA11), has AUM of $2.41 billion, and the second largest ETF, iShares BM&FBOVESPA Small Cap (SMAL11), has AUM of $1.19 billion. The SPDR S&P 500, the largest ETF in the United States, has AUM of approximately $430 billion. According to Marcelo Sampaio, CEO and founder of Hashdex, the success of Bitcoin ETFs in Brazil is a result of pro-market digital asset regulation and increased interest from large institutions.

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