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.
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.
Showing up on their site now too: https://t.co/dNK7GOkbrv
— Ben Johnson, CFA (@MstarETFUS) October 20, 2021
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.
$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
If we consider only “natural” volume, then BITO’s debut turned out to be the most successful ETF, Balchunas added.
Note: the first table says 2022 for BITO, should be 2021. But you knew that. Thanks to all for not needling me about it. Here's corrected version! pic.twitter.com/IlkPFbLfMF
— Eric Balchunas (@EricBalchunas) October 19, 2021
Tom Lee, the co-founder of think tank Fundstrat, predicted that BTC Futures ETF could see $50 Billion in first-year inflows.
#Bitcoin bull Tom Lee: Futures ETF could see $50 billion in first-year inflows. pic.twitter.com/NROTJDz0qF
— Bitcoin Magazine (@BitcoinMagazine) October 19, 2021
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.
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.