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ProShares Bitcoin Futures ETF Mark Massive Success on the First Day

ProShares Bitcoin Futures ETF Mark Massive Success on the First Day

The long-awaited Bitcoin Futures ETF by ProShares launched this Tuesday on NYSE. Months of speculations later, its debut in the US was even more successful than anyone expected.

$BITO ETF reached high numbers and volumes the very first day, blowing everyone’s minds and hitting new records. The price of a $BITO was $40.

Highest Ever ‘Natural’ First Day Volume

Bitcoin Futures ETF by ProShares broke records, getting to around $1 billion in trading volume.

The US-based $BITO overshadowed all the other Bitcoin ETFs trading in different places of the world. This is what crypto advocates have been insisting on all along, that Bitcoin Futures ETF based in the US would surpass all the others.

Canada has already approved a Bitcoin ETF, however that took entire weeks to get to $1 billion in trading volume. The main reason behind the success of the US-based ETF is the market being almost 7x bigger in the US compared to the other part of the world.

The principal Bloomberg ETF analyst, Erich Balchunas,  marked the debut as the second-highest opening that was ever witnessed in the ETF market.

It ranks second even if we include ETFs with plans regarding their day one volume, meaning not natural ones, adds the analyst by showing the list of all ETFs and their day one debut.

Large Inflows the Very First Day 

Something else worthy of note, apart from the historic success of $BITO ETF and their record trading volume, is the large inflows registered on the first day.

There was $550 million in inflows, as reported by ProShares. The American firm began the day with $20 million in seed fund and ended it with 570$ million in assets.

The first-ever US-based Bitcoin ETF not only marked a significant debut but also set the bar high for the future.

Balchunas commented on this, saying that while it is good news for ProShares and the crypto sector, there might be consequences for the other firms interested to debut their own BTC futures ETFs. Time is crucial when it comes to launching ETFs, added the senior analyst.

A second Bitcoin futures-based ETF is expected to be launched on NYSE during this week, this time by Valkyrie.

Bitcoin price, on the other hand, keeps increasing and getting close to ATHs, as it reached $64,453, just $400 away from ATH.

Also Read: SEC Approves First BTC Futures ETF: Crypto Market Cap Surpasses $2.5 Trillion!

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