Proshares Bitcoin Futures ETF Generates $1 Billion in Trade Volumes on Day One

Kavya  |  Oct 20, 2021

On its first day, the ProShares Bitcoin Strategy ETF experienced enormous trade volumes, making it the second-highest traded fund ever.

BITO rose around 4.9% to $41.94 on the day, according to Bloomberg data

The BITO options will begin trading on the NYSE Arca Options and NYSE American Options exchanges on October 20, according to the article.

The long-awaited Bitcoin futures fund was finally approved by the Securities and Exchange Commission late last week and began trading on the New York Stock Exchange on Oct. 19 with an opening price of $40.88.

A Historic Day For the Enormous Bitcoin Futures ETF Trade Volume

Stephane Ouellette,  CEO, and co-Founder of crypto-focused capital-markets platform FRNT Financial Inc. stated that the launch was a huge success, adding:

“Given the number of avenues retail investors already have to participate in BTC, clearly the U.S.-based ETFs are nonetheless satisfying some kind of latent, even if niche, demand.”

Simeon Hyman, a global investment strategist at ProShares, remarked on Bloomberg TV that the newly released investment product was a handy method to invest in BTC through conventional brokerage accounts.

He added that it was “going to allow many people who have been waiting for an easy way to do this and a robust way to do this to now be involved and have it in their portfolios.”

BITO was one of the most bought assets on Fidelity’s platform with clients placing over 8,800 purchase orders before the market closed yesterday. 

Sam Bankman-Fried, CEO of FTX and crypto millionaire described the week as ‘incredibly bullish’ 

“My beef is that Bitcoin pumpers will now use the approval to sucker in more buyers based on the government’s supposed endorsement of Bitcoin by approving the ETF.”

There Is No Volatility …

Although analysts predicted significant turbulence to follow, Bitcoin prices have inched closer to their all-time high during the Wednesday AM Asian trading session. 

According to CoinGecko, BTC was trading at around $63,500 at the time of writing, barely 1.3% off its high price.

Analysts anticipate that the Valkyrie Bitcoin Strategy ETF, which will trade under the ticker BTFD, would begin trading this week, perhaps adding to the frothy momentum.

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