BCGAME - Free 5BTC Daily Bonus!The first exchange-traded bitcoin futures fund, the ProShares Bitcoin Strategy Fund (BITO), became the second-largest ETF of all time by volume on the opening day.
BITO, which debuted on the New York Stock Exchange on Tuesday, closed the session on Tuesday with 23,103 million shares traded, or about $950 million, according to TradingView data. Blackrock's US Carbon Transition Readiness ETF, launched in April 2021, holds the record opening day volume at $1,1 billion.
“I'm not at all surprised by today's volume,” said Nate Geraci, president of the ETF Store. "BITO's strong debut reflects the pent-up demand among individual investors and advisors to access bitcoin price exposure through traditional brokerage and retirement accounts."
BITO closed the session on Tuesday with 4,73% higher than $41,89.
The world's first future bitcoin ETF held high volume during the trading session. With less than half an hour of market opening, 6,4 million shares were traded, or about $264 million. The volume reached US$500 million shortly after 11:00 am EDT.
Although there were doubts about the performance of a futures-based product, given the amount of cash trading options available to investors and the fact that futures products come with rollover costs, the overall sentiment appeared to be positive.
“As expected from a highly anticipated and much discussed new product, the future ETF is performing well and attracting many investors looking for prudent ways to gain more exposure to crypto,” said Chen Arad, COO of Solidus Labs. "But the biggest significance is the strong signal it gives to greater regulatory approval and adoption of Bitcoin and crypto as a whole, indicated by general price increases."
Analysts and investors are now waiting to see how Valkyrie's Bitcoin Strategy ETF product fares later in the week. The issuer was originally expected to launch its product alongside ProShares on Tuesday, however, launch on Nasdaq is now expected on Wednesday or Thursday.
“As a second initiative, I wouldn't expect Valkyrie to come up with the same numbers as ProShares,” said Geraci. “However, I still think they will be in great demand. Most importantly, it will be the game for the bitcoin ETF race. ”
