First Bitcoin Futures ETF ‘BITO’ Tops $1B Trading Volume – BTC Close to All-Time High

The first ever Bitcoin exchange-traded fund (ETF) launched in the United States and already broke records on Tuesday, capturing close to $1 billion in total volume.

The ProShares Bitcoin Strategy exchange-traded fund’s (ETF) trading volume topped $1 billion on its first day, ranking the investment vehicle as one of the top ETF launches in history.

As of 4:27 p.m. ET, after the close of U.S. stock markets on Tuesday, trading volume in the ProShares ETF (BITO) had reached 24.1 million shares, worth more than $1 billion based on the closing price.

The fund’s price rose to $41.94 at the close, up 4.9% from the initial $40 net asset value.

James Seyffart tweeted:

“Looks like the final tally is gonna be right around ~$990 million in trading for BITO on its first day trading.”

Eric Balchunas, the senior ETF analyst for Bloomberg, also tweeted about the action the Proshares Bitcoin Strategy ETF saw on Tuesday.

He said:

“If we don’t exclude ETFs where their Day One volume was literally one pre-planned giant investor or BYOA (not natural), it still ranks #2 overall. Here’s that list. The reason some of these shouldn’t be included IMO is they don’t really represent grassroots interest.”

While the Proshares bitcoin ETF had a decent day, bitcoin (BTC) spot markets also rampaged on October 19. BTC’s market cap swelled over $1.2 trillion on Tuesday and there’s been $42.4 billion in global trade volume throughout the day.

Balchunas stressed that the result of today’s first bitcoin ETF performance in the U.S., “makes life that much harder for the next in line ETFs to succeed.” He added:

“Every day counts [because] once an ETF gets [known] as ‘the one’ and has tons of [liquidity], it’s virtually imposs to steal (see SPY, GLD).

Read the full article at Fintechs.fi

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First Bitcoin Futures ETF ‘BITO’ Tops $1B Trading Volume – BTC Close to All-Time High

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