After the first ProShares Bitcoin Strategy (BITO) ETF was announced yesterday, the price of the main cryptocurrency almost immediately registered an increase in its price of almost 6% during the day yesterday. However, today BTC reached a new all-time high. After six months of arduous wait, Bitcoin did it again.
In this sense, Bitcoin broke the top of $ 64,900 established in April. And unsurprisingly, on social media, the best-known names in the Bitcoin world are celebrating. But the best is probably not over yet. As experts and analysts, they maintain expectations that even higher levels will be reached in the coming weeks and months.
Currently the leading cryptocurrency in the market, it is listed at USD 66,623 according to those indicated by our online crypto tool. Thus registering an increasing variation of 5.01% in the last 24 hours.
The new record came amid the highly anticipated first Bitcoin-linked ETF that began trading on the New York Stock Exchange on Tuesday with a BITO ticker.
BITO closed Tuesday at $ 41.94, 4.85% more than its initial price of $ 40. While it saw a trading volume of $ 1 billion on the first day of trading. Generating around $ 570 million in assets on its debut.
Bitcoin Futures ETF Debuts With Highest ‘Natural’ Volume On Day One
ProShares’ Bitcoin Strategy (BITO) exchange traded fund posted the highest first day ‘natural’ volume for an ETF. Reaching just over USD 1 billion at the end of the opening day.
It is second in the overall ranking, just behind the Blackrock US Carbon Transition Readiness ETF, which posted a volume of $ 1.16 billion on its debut in April.
ProShare’s Bitcoin futures-based ETF launched on the New York Stock Exchange (NYSE) on October 19 with an opening price of $ 40.88. According to compiled data, BITO closed the day at USD 41.94 with a total of 24,313 million shares that changed hands. Which is equivalent to a volume on the first day of just over $ 1 billion.
$ 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
In comments on BITO’s opening day performance, Bloomberg senior ETF analyst Eric Balchunas tweeted that the ProShares ETF was arguably the largest in terms of “popular interest” and “organic.”
BITO could spell trouble for upcoming BTC ETFs
As previously reported, after nearly a decade of meeting and anticipation, a pegged Bitcoin ETF began trading on the New York Stock Exchange (NYSE) for the first time.
And despite its success, Eric Balchunas predicted that BITO’s success could spell trouble for upcoming BTC ETFs. Since this could make it much more difficult for them to be successful if too much time passes between this launch and the next. “Time is of the essence.” The analyst noted, adding that if an ETF is crowned ‘the one’ and also has liquidity, it would be virtually impossible to dethrone it.
Yet another ETF is reportedly launching this week. The Valkyrie ETF, which Balchunas had previously stated would launch the same day as BITO, could appear on the NYSE in the next few days. Giving the ProShares ETF its much-needed competence.
The plot thickens. Valkyrie going for it hard here to launch $ BTF on Tuesday with $ BITO. Still need to see a post-effective but every other duck appears to be in a row. https://t.co/47U9unrg5y
– Eric Balchunas (@EricBalchunas) October 18, 2021
VanEck’s New Bitcoin Futures ETF Could Launch Monday
The United States Securities and Exchange Commission (SEC) has likely approved asset manager VanEck’s exchange-traded fund (ETF) Bitcoin Strategy. And, operations are expected to begin on Monday.
In a filing with the SEC on Wednesday, VanEck said the public offering of its Bitcoin Strategy ETF, which offers exposure to Bitcoin (BTC) through futures contracts, would begin “as soon as possible” after the date. of validity of the presentation, on Saturday. This suggests that the company could list its shares on a stock exchange as of Monday.
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