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On the New York Stock Exchange (NYSE), under the ticker BITO, Bitcoin futures ETF from ProShares began trading.
Because of the BTC ETF launch, the first cryptocurrency reacted by going slightly above $63,000.
Like Bitcoin, BITO grew by several percent immediately after the listing but met resistance from sellers. The Block researcher Larry Cermak compared the price pattern of the new ETF’s stock to the Burj Khalifa skyscraper.
He said:
The first Bitcoin ETF just painted a beautiful and very common fuck you pattern also known as Burj Khalifa. Welcome home pic.twitter.com/MRvd8xCvD4
— Larry Cermak (@lawmaster) October 19, 2021
Notably, shares of the aggressive bitcoin investing company Microstrategy sank 4.5% after the market opening.
ProShares BTC ETF trading volume in the first 20 minutes exceeded $280 million.
According to Bloomberg analyst Eric Balchunas, the ProShares ETF entered the top 15 exchange-traded funds by the most active starts in the first trading session.
BIG NUMBERS: $BITO has traded $280m worth of shares in first 20min. That already puts it in Top 15 opening day launches of all-time, more than $GLD & $QQQ. $ARKX & $BUZZ were two from this year that made list. It has legit shot at $1b and top spot. We'll see, via @tpsarofagis pic.twitter.com/DgjPA42TnB
— Eric Balchunas (@EricBalchunas) October 19, 2021
According to journalist Colin Wu, more than two hours after the start of trading, BITO trading volume reached $600 million.
As of 11:47 am Eastern Time, BITO opened nearly 2.5 hours with a trading volume of 14.6 million, with an average price of US$41.12 and a transaction value of $600 million.
— Wu Blockchain (@WuBlockchain) October 19, 2021
Previously, analysts were divided over the potential impact of the new ETF on the bitcoin price.
Recall that Grayscale confirmed plans to convert Bitcoin Trust (GBTC) into spot ETF.