ProShares Bitcoin ETF Sees 1st Trading Volume Exceeding $1B+ As BTC Makes New All Time High - CryptoTicker
cryptoticker.io
20 October 2021 10:44, UTC
First approved ProShares Bitcoin Futures exchange traded fund (ETF) saw a record trading volume exceeding $1 billion on its opening day on the New York Stock Exchange (NYSE) on Oct 19, making it the second largest ETF launch by first day trading volume, dwarfed only by the BlackRock US Carbon Transition Readiness ETF. The first of many ETFs, ProShares Bitcoin ETF is future based rather than spot and trades under the ticker symbol BITO.
Bloomberg senior ETF analyst Eric Balchunas correctly predicted earlier that the first approved Bitcoin ETF had a “legit shot at $1B and top spot”. ProShares BITO started from $40 and rose to $41.94 at the close, showing an appreciation of 4.9%. Bitcoin (BTC) itself is having a ride on the news, the largest marketcap crypto-asset is currently changing hands on $64,858, up 15.6% over the past week and establishing a new all time high from the previous $64,800 figure.
There are couple of other Bitcoin ETFs likely to be approved soon, showing that the traditional market has an appetite for cryptocurrency exchange traded funds. This is likely to bring fresh money into the $2.6 trillion + crypto market and several other crypto-assets might have their own ETFs approved soon, after this new precedent. However, there are concerns that a futures based ETF isn’t the most optimal and several financial services providers are now working towards getting a spot based ETF approved.