Bitcoin Strategy Trading Fund ProShares (BITO) posted the highest “natural” volume on the first day of the ETF, reaching just over $ 1 billion at the end of opening day.
It is ranked second after the BlackRock US Carbon Transition Readiness ETF, which debuted in April at $ 1.16 billion.
The ETF, based on the ProShares Bitcoin futures, was launched on the New York Stock Exchange on Tuesday with an open price of $ 40.88. According to TradingView, BITO closed the day at $ 41.94 with 24,313 million shares traded, which equates to just over $ 1 billion in trading volume on the first day.
Commenting on BITO’s opening hours, Erik Balchunas, ETF analyst at Bloomberg, tweeted that ProShares ETFs were the largest in terms of “natural” or “popular” interest.
Balchunas said the scale of the launch of the BlackRock Transitional Carbon Readiness ETF (LCTU) in April was “abnormal” because it was dictated by a “pre-planned giant investor.” LCTU’s daily volume also dropped from $ 2 million to $ 6 million in the days following its launch.
BITO’s intentions were reported to be $ 570 million on the first day, indicating that the ProShares ETF can position itself as the leading industry leader in terms of annual net inflows for the first ETF on the market in 12 months.
According to FactSet, the two largest single-element ETFs topped the package and Silver were sold, with first-year inflows of $ 3 billion and $ 1.7 billion, respectively. In addition to commodities, the largest inflow for the year came from the exchange-traded product Invesco QQQ Trust, worth $ 5.351 billion.
While the bullish momentum represents an important milestone for ProShares and the crypto sector, Balchunas warned that the launch of Bitcoin (BTC) -ETF contracts could have implications for the following other companies:
Another consequence of today is that it makes life harder for the next ETF to succeed. Time is of the essence. Every day counts, because once the ETF is known as the “one” and has a lot of money, it becomes nearly impossible to steal. ”
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Following the launch of the ProShares ETF on Tuesday, US Securities and Exchange Commission chairman Gary Gensler explained in an interview why he and the SEC would prefer bitcoin futures-backed ETFs over the bitcoin spot price.
Bitcoin futures have been tracked by a subsidiary of the Securities and Exchange Commission, the Commodity Futures Trading Commission, for the past four years. Investment Companies Act 1940.
A Bitcoin-based ETF based on Valkyrie Futures will be the second product to join BITO on the New York Stock Exchange this week. She roughly changed the pointer to BTFD, which is the jargon for Buy The F — ing Dip.