THELOGICALINDIAN - The aboriginal Bitcoin futures ETF in the US has roared assimilate the market
The ProShares Bitcoin futures ETF debuted on the New York Stock Exchange this morning. Initial trading volumes appearance that it’s on ambition to booty the top atom for the accomplished aperture day trading aggregate anytime recorded.
Bitcoin ETF Set to Break Record
Demand for a Bitcoin futures ETF is proving strong.
ProShares’ Bitcoin-linked exchange-traded armamentarium fabricated history this morning, acceptable the aboriginal Bitcoin futures ETF to barter on the New York Stock Exchange.
Less than two hours afterwards the aperture alarm rang, the ETF trading beneath the ticker BITO, had surpassed $500 actor in trading volume. The new ETF is already aural the top 15 ETF launches on the New York Stock Exchange and looks set to hit with the accomplished aperture day aggregate anytime recorded for an ETF.
BITO will charge to beat $1.16 billion in aggregate aural its aboriginal trading affair to booty the top spot. The Blackrock U.S. Carbon Transition Readiness ETF currently holds the accomplished aperture day aggregate afterwards ablution beforehand this year in April. At the time of writing, ProShares’ Bitcoin futures ETF has already beyond $650 actor with added than bisected of the day remaining.
In the canicule arch up to the ETF’s launch, opinions accept been mixed. Many assemblage warned that investors could be afraid to buy the ProShares ETF because it is backed by Bitcoin futures instead of Bitcoin
On the added hand, trading volumes for Bitcoin futures on the Chicago Mercantile Exchange soared to new highs afore the launch, advertence bullish enthusiasm. Judging by antecedent trading volumes, it appears the beasts were right, as appeal for the ETF is proving to be high.
While the ProShares ETF looks to set a new record, it is acceptable not the alone futures-based ETF to alpha trading this month. There are currently several agnate ETFs apprehension approval, from big players such as Cathie Wood’s Ark Invest, Valkyrie Investments, and all-around advance administrator VanEck (Invesco additionally activated for a futures-based ETF but has withdrawn its application to focus on accepting a Bitcoin ETF).
Whether consecutive Bitcoin futures ETFs will adore the aforementioned success as ProShares’ charcoal to be seen. Many investors are still cat-and-mouse for U.S. regulators to accept a spot-backed Bitcoin ETF, with decisions due after this year.
Disclaimer: At the time of autograph this feature, the columnist endemic BTC, ETH, and several added cryptocurrencies.
