Yesterday, October 22, Valkyrie launched a second exchange-traded fund (ETF) for Bitcoin futures. However, it attracted little attention of investors – the trading volume for the first day amounted to $ 80 million.
The Valkyrie Bitcoin Strategy ETF, under the ticker BTF, began trading at $ 25, but by the end of the day, its value dropped to $ 24.16. During the day, about 3.1 million shares were traded for just over $ 78 million.
How noted Bloomberg’s senior ETF strategist Eric Balchunas, the start of BTF can be called quite successful, although he is far from the results of the ProShares BITO fund. As a reminder, the BITO fund was launched at the beginning of the week. Only on the first day the volume of trading in shares exceeded $ 1 billion, and in two days the fund’s capitalization reached $ 1 billion.
“We really saw the first mover advantage. ProShares has set a milestone for this asset class and the results of the second and subsequent funds are no longer so important, ”said Stephane Ouellette, CEO and co-founder of the FRNT Financial trading platform.
VanEck’s Bitcoin futures ETF is expected to launch early next week. The fund can attract more investor attention than BTF, as its management fees are 0.3% lower.
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