cryptovibes.com
The latest market analysis confirmed that BITO, the ProShares Bitcoin Strategy ETF, saw massive trading volumes on its opening day. The ProShares debut intensified to surpass $1 billion in trade volume, with more than 24 million of its shares exchanging hands over the first 24 hours.
Based on data acquired from Bloomberg, BITO made its debut at $40.88 but later soared by 4.9% to reach $41.94 later on the day. The ProShares debut emerged as the second-highest traded fund ever, ranking only behind the BlackRock carbon fund based on the first day of trading.
The highly anticipated Bitcoin futures got United States Securities and Exchange Commission’s (SEC) approval late last week but went live on the New York Stock Exchange (NYSE) on October 19. BITO is now also live in both NYSE Arca and the NYSE American trading options.
While commenting about the BITO performance so far, Stephane Ouellette, chief executive officer and co-founder of crypto-focused capital-markets platform FRNT Financial Inc, has described the debut as a highly successful launch, adding:
“Given the number of avenues retail investors already have to participate in BTC, clearly the U.S.-based ETFs are nonetheless satisfying some kind of latent, even if niche, demand.”
Subsequently, while speaking on Bloomberg TV, Simeon Hyman, a global investment strategist at ProShares, asserted that the newly launched investment product is the most convenient option to invest in Bitcoin through brokerage accounts, adding:
“It’s going to allow many people, who have been waiting for an easy way to do this and a robust way to do this, to now be involved and have it in their portfolios.”
Remarkably, BITO has also emerged as one of the most-bought assets on Fidelity’s platform, with at least 8,800 buy orders from various customers before the end of October 19.
Nonetheless, the general crypto market health has grabbed the attention of many notable people across the globe. While expressing his gratitude, Sam Bankman-Fried, the crypto billionaire and CEO of FTX, said:
“It was an incredibly bullish week.”
On the other hand, Gold bug Peter Schiff has once more slammed the crypto industry, arguing:
“My beef is that Bitcoin pumpers will now use the approval to sucker in more buyers based on the government’s supposed endorsement of Bitcoin by approving the ETF.”
Analysts Predict Volatility After Current Bull Run
Many analysts have also taken this opportunity to express their anticipation of the current Bull Run. Most of them predict that the crypto market will experience massive volatility after this Bull Run.
Analysts also expect the Valkyrie Bitcoin Strategy ETF will start trading under the ticker BTFD this week, which could add to the frothy momentum that has left Bitcoin recording a new all-time high of $67,217, according to CoinGecko.