In 2024, the US emerged as the largest investor in spot Bitcoin exchange-traded funds (ETFs), while Canada, the first country to launch such an ETF, faced significant outflows. The US saw substantial inflows into Bitcoin ETFs, positioning it as the world's dominant player in terms of assets under management (AUM), attracting $630 million more than Switzerland, the second largest buyer. Conversely, Canada experienced $707 million in outflows, highlighting a marked decline in interest in its crypto ETFs, particularly after the US launched its own spot Bitcoin ETFs in January 2024, which offered greater liquidity and institutional support. Canada's Purpose Bitcoin ETF launched in 2021 initially yielded $4.2 billion in inflows, but shifting investor behavior led to this historic outflow in 2024. The US ETF market, accounting for $10.5 trillion of the global $15 trillion ETF market, continues to dominate due to its investor familiarity and risk appetite, making it unlikely for Canada or any other market to catch up in AUM for Bitcoin products.

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