Trading turnover of the ETF based on bitcoin futures from ProShares (BITO) on the NYSE on its first trading day amounted to 24.42 million shares, nearly reaching $1 billion. By this metric the instrument ranked second among all exchange-traded funds, Bloomberg reports.
Only the BlackRock product based on green-energy company equities (BlackRock U.S. Carbon Transition Readiness ETF) posted a higher figure, at $1.16 billion.
After the session, BITO rose 4.9% to $41.94 as Bitcoin rose to $64,000.
On October 20, options on BITO will begin trading on NYSE Arca Options and NYSE American Options.
Net buying of CME-traded futures totaled $550 million.
Showing up on their site now too: https://t.co/dNK7GOkbrv
— Ben Johnson, CFA (@MstarETFUS) October 20, 2021
$BITO just about at $1b in total volume today (curr $993m but trades still trickling in). Easily the biggest Day One of any ETF in terms of ‘natural’ volume. It also traded more than 99.5% of all ETFs (incl some bigs like $DIA, $ARKK, $SLV). It def defied our expectations.. pic.twitter.com/rWIPSAJboT
— Eric Balchunas (@EricBalchunas) October 19, 2021
\”The launched ETF satisfies some hidden, if not niche, demand. If we suppose that many retail investors have already invested in Bitcoin,\” said Stefan Wellett, co-founder of FRNT Financial.
Co-founder of Fundstrat Tom Lee previously forecast that investors would pour $50 billion into this and similar instruments in the first year.
#Bitcoin bull Tom Lee: Futures ETF could see $50 billion in first-year inflows. pic.twitter.com/NROTJDz0qF
— Bitcoin Magazine (@BitcoinMagazine) October 19, 2021
According to Arcane Research, by the end of October the SEC should reply to similar applications from VanEck, Galaxy Digital and Valkyrie Investments. The product from the latter has formally received listing on Nasdaq.
Earlier, investment firm Invesco pulled its plans to launch a bitcoin-futures ETF. Its filing was next in line for SEC review.
In October Grayscale Investments confirmed plans to convert the Bitcoin Trust GBTC into an exchange-traded fund.
Subscribe to ForkLog news on Facebook!