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The trading turnover of ETF based on bitcoin futures from ProShares (BITO) on the first trading day on the NYSE amounted to 24.42 million shares, almost reaching $1 billion.
Read: U.S. Welcomes First Ever Bitcoin ETF, ProShares Bitcoin ETF
The BTC ETF took second place among all exchange-traded funds, writes Bloomberg.
Only the BlackRock U.S. Carbon Transition Readiness ETF, launched by BlackRock, showed a higher volume with $1.16 billion on the first day.
At the end of the first-day trading session, BITO rose by 4.9% to $41.94 and bitcoin went above $64,000.
BITO options will begin trading on NYSE Arca Options and NYSE American Options on October 20. The net purchase of futures traded on CME was $550 million.
Showing up on their site now too: https://t.co/dNK7GOkbrv
— Ben Johnson, CFA (@MstarETFUS) October 20, 2021
According to analyst Erik Balchunas, BITO has surpassed all other funds in terms of “natural” volumes – without taking into account the primary capital that large investors provide in advance. According to the specialist’s observations, bitcoin ETFs surpassed 99.5% of exchange-traded funds in terms of trading activity.
$BITO just about at $1b in total volume today (curr $993m but trades still trickling in). Easily the biggest Day One of any ETF in terms of 'natural' volume. It also traded more than 99.5% of all ETFs (incl some bigs like $DIA, $ARKK, $SLV). It def defied our expectations.. pic.twitter.com/rWIPSAJboT
— Eric Balchunas (@EricBalchunas) October 19, 2021
If we consider only “natural” volume, then BITO’s debut turned out to be the most successful ETF, Balchunas added.
Note: the first table says 2022 for BITO, should be 2021. But you knew that. Thanks to all for not needling me about it. Here's corrected version! pic.twitter.com/IlkPFbLfMF
— Eric Balchunas (@EricBalchunas) October 19, 2021
Tom Lee, the co-founder of think tank Fundstrat, predicted that BTC Futures ETF could see $50 Billion in first-year inflows.
#Bitcoin bull Tom Lee: Futures ETF could see $50 billion in first-year inflows. pic.twitter.com/NROTJDz0qF
— Bitcoin Magazine (@BitcoinMagazine) October 19, 2021
According to Arcane Research, by the end of October, the SEC should provide answers to similar ETF applications from VanEck, Galaxy Digital, and Valkyrie Investments.
Read: Bloomberg Believes Securities And Exchange Commission (SEC) May Approve Four Bitcoin ETFs By The End Of October
Earlier, the investment company Invesco refused to launch a similar ETF based on bitcoin futures. Her application was next in line for consideration by the SEC.
Grayscale Investments also confirmed plans to transform the GBTC bitcoin trust into a spot BTC Exchange-traded fund.