On the New York Stock Exchange (NYSE), under the ticker BITO, an ETF based on Bitcoin futures from ProShares began trading.
Against the background of the launch, the first cryptocurrency reacted by updating the local maximum above $ 63,000.
Like Bitcoin, BITO grew by several percent immediately after the listing, but met resistance from sellers. The Block researcher Larry Cermak compared the price pattern of the new ETF’s stock to the Burj Khalifa skyscraper.
The first Bitcoin ETF just painted a beautiful and very common fuck you pattern also known as Burj Khalifa. Welcome home pic.twitter.com/MRvd8xCvD4
— Larry Cermak (@lawmaster) October 19, 2021
Notably, shares of the aggressive bitcoin investing company Microstrategy sank 4.5% at the market open.
The volume of trades in shares from ProShares in the first 20 minutes exceeded $ 280 million.
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
According to Bloomberg analyst Eric Balchunas, the new instrument from ProShares entered the top 15 exchange-traded funds by the most active starts in the first trading session.
The BITO rate continued its correction synchronously with the price of the underlying asset.
ProShares 3-minute Bitcoin ETF (BITO) chart. Data: TradingView.
Previously, analysts were divided over the potential impact of the new ETF on the Bitcoin price.
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