Bitcoin Futures ETF Set to Hit Highest Launch Day Trading Volume


Key Takeaways

ProShares has become the first company to launch a Bitcoin futures ETF.
The ETF is off to a strong start, racking up more than $500 million in trading volume in under two hours.
The new offering is on track to become the ETF with the highest opening day trading volume ever recorded. 

Share this article

The ProShares Bitcoin futures ETF debuted on the New York Stock Exchange this morning. Initial trading volumes show that it’s on target to take the top spot for the highest opening day trading volume ever recorded. 

Bitcoin ETF Set to Break Record

Demand for a Bitcoin futures ETF is proving strong. 

ProShares’ Bitcoin-linked exchange-traded fund made history this morning, becoming the first Bitcoin futures ETF to trade on the New York Stock Exchange. 

Less than two hours after the opening bell rang, the ETF trading under the ticker BITO, had surpassed $500 million in trading volume. The new ETF is already within the top 15 ETF launches on the New York Stock Exchange and looks set to hit with the highest opening day volume ever recorded for an ETF.  

BIG NUMBERS: $BITO has traded $280m worth of shares in first 20min. That already puts it in Top 15 opening day launches of all-time, more than $GLD & $QQQ. $ARKX & $BUZZ were two from this year that made list. It has legit shot at $1b and top spot. We’ll see, via @tpsarofagis pic.twitter.com/DgjPA42TnB

— Eric Balchunas (@EricBalchunas) October 19, 2021

BITO will need to surpass $1.16 billion in volume within its first trading session to take the top spot. The Blackrock U.S. Carbon Transition Readiness ETF currently holds the highest opening day volume after launching earlier this year in April. At the time of writing, ProShares’ Bitcoin futures ETF has already crossed $650 million with more than half of the day remaining.

In the days leading up to the ETF’s launch, opinions have been mixed. Many onlookers warned that investors could be reluctant to buy the ProShares ETF because it is backed by Bitcoin futures instead of Bitcoin 

On the other hand, trading volumes for Bitcoin futures on the Chicago Mercantile Exchange soared to new highs before the launch, indicating bullish enthusiasm. Judging by initial trading volumes, it appears the bulls were right, as demand for the ETF is proving to be high. 

While the ProShares ETF looks to set a new record, it is likely not the only futures-based ETF to start trading this month. There are currently several similar ETFs awaiting approval, from big players such as Cathie Wood’s Ark Invest, Valkyrie Investments, and global investment manager VanEck (Invesco also applied for a futures-based ETF but has withdrawn its application to focus on securing a Bitcoin ETF). 

Whether subsequent Bitcoin futures ETFs will enjoy the same success as ProShares’ remains to be seen. Many investors are still waiting for U.S. regulators to approve a spot-backed Bitcoin ETF, with decisions due later this year. 

Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Bitcoin Futures Open Interest Soars Ahead of NYSE ETF Launch

Open interest in Bitcoin futures has hit an all-time high on the Chicago Mercantile Exchange. ProShares is due to list the first Bitcoin futures ETF on the New York Stock…

Invesco Renounces Bitcoin Futures ETF Filing

Invesco Ltd., a U.S.-based investment management company with over $1.56 trillion in assets under management, has opted to withdraw its Bitcoin futures ETF application.  Invesco Aims to Pursue Physical Bitcoin…

What is Impermanent Loss and How can you avoid it?

DeFi has given traders and investors new opportunities to earn on their crypto holdings. One of these ways is by providing liquidity to the Automated Market Makers (AMMs). Instead of holding assets,…

Grayscale Confirms It Will Apply for Bitcoin ETF

Grayscale will soon apply to turn GBTC into an ETF. Largest Bitcoin Fund Operator Plans ETF Grayscale Investments has confirmed that it intends to apply to convert its Bitcoin trust…





Source

Tags

Share this post:

Share on facebook
Share on twitter
Share on pinterest

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts