Wednesday, December 8, 2021
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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Albert Brownhttps://thecryptobasic.com/
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

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