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Home Crypto News Market ProShares First Bitcoin Futures ETF Started Trading, Trading Volume Reached Above $600...

ProShares First Bitcoin Futures ETF Started Trading, Trading Volume Reached Above $600 Million In Two Hours

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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:

 

Notably, shares of the aggressive bitcoin investing company Microstrategy sank 4.5% after the market opening.

 

proshares bitcoin etf launch

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.

 

According to journalist Colin Wu, more than two hours after the start of trading, BITO trading volume reached $600 million.

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.

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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