Yesterday, October 19, ProShares launched the first Bitcoin futures ETF in the United States. The trading volume in the fund’s shares under the ticker BITO for the first day exceeded $ 1 billion.
This volume of trading in ProShares shares can be called a record. The best result was shown only by the BlackRock US Carbon Transition Readiness ETF, but then the record figure was achieved due to the planned purchases of shares by large investors. In the case of BITO, there are not many such purchases, which means that most of the trading volume was provided by retail investors.
“I think in the case of BITO, we will see the daily trading volume at least half of the volume of the first day. It is even possible to reach $ 750 million a day by the end of the week. The volume of trading in BITO shares on the first day exceeded the trading volumes of 99.5% ETFs, including such large ones as DIA, ARKK and SLV. ” The indicator has definitely exceeded our expectations “, – wrote Eric Balchunas, senior analyst at Bloomberg.
He stressed that in the case of ETFs for a new asset class, including Bitcoin, time is extremely important. It will be extremely difficult for the next ETF to show the same results. At the end of the session, the turnover of trading in BITO shares amounted to 24.1 million shares, and the fund’s capitalization after the end of the first day of trading reached $ 570 million
As a reminder, ProShares was listed yesterday on the NYSE Arca under the ticker BITO.