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Home Crypto News Analysis Bitcoin Futures ETF Becomes Second-Highest Traded Fund Ever, Almost Trading $1 Billion...

Bitcoin Futures ETF Becomes Second-Highest Traded Fund Ever, Almost Trading $1 Billion On the First Day

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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.

bitcoin etf opening day turn over

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.

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.


If we consider only “natural” volume, then BITO’s debut turned out to be the most successful ETF, Balchunas added.

Tom Lee, the co-founder of think tank Fundstrat, predicted that BTC Futures ETF could see $50 Billion in first-year inflows.

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.


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Ammara Mubin is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Ammara authored more than 1,000 stories for TheCryptoBasic, CryptoComes and other fintech media outlets. She is particularly interested in regulatory trends around the globe that are shaping the future of digital assets.


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