According to a new report from CoinGecko, a cryptocurrency data and analysis company, the total value of global assets invested in exchange traded funds has now reached $4.16 billion.

Almost half of that amount, at $2 billion, is invested in seven spot bitcoin ETFs which have been operating in Canada since 2021. The  single largest of the 20 ETFs, the Purpose Bitcoin ETF, with $819.1 million in assets, is based in Canada.

US regulators presently only approve of ETFs which are tied to futures contracts, like ProShares Bitcoin Strategy, with roughly $1.2 billion in assets. Currently the United States Securities and Exchange Commission (SEC) has about ten applications to launch similar spot-based ETFs in the United States.

According to proponents, futures-based ETFs are imprecise and costlier as a means of tracking the performance of Bitcoin in an exchange-traded product. So far, the SEC has refused to approve any spot Bitcoin ETF product application, saying the applicants have failed to demonstrate they would be capable of protecting investors from market manipulation.

However CoinGecko noted that other regulatory systems have been more open to the idea. The first ETF to go operational was Germany’s ETC Group Physical Bitcoin, which debuted in June of 2020. It presently holds $802 million in assets, which makes it the second largest launched so far.

The seven other ETFs in Europe have incorporated in tax havens like Jersey, the Cayman Islands, and Liechtenstein. In addition there are smaller products which operate out of Brazil and Australia.

CoinGecko noted, “It remains to be seen if the potential US spot Bitcoin ETFs will be able to capture stronger investor interest and overtake,” the Canadian and German ETFs

Investors have debated the potential scale of the US spot bitcoin ETF market, however most estimates begin at $1 billion or above in first-day demand.