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October 20, 2021

Bitcoin Futures ETF Becomes Second-Biggest Launch of All Time With Nearly $1,000,000,000 Worth of Volume on First Day

By Daily Hodl Staff

ProShares’ Bitcoin futures exchange-traded fund (ETF) is exploding onto the market with the second-biggest ETF launch of all time.

Eric Balchunas, a senior ETF analyst at Bloomberg, says on Twitter that the ProShares Bitcoin Strategy ETF (BITO) had more than $993 million in total trading volume on its first day of availability.

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Balchunas says that total is easily the biggest first day for an ETF in terms of natural volume, which excludes ETFs involving a pre-planned large investor or launched by companies that brought their own assets.

The analyst explains,

“If we don’t exclude ETFs where their Day One volume was literally one pre-planned giant investor or bring your own assets (not natural), it still ranks #2 overall.

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Here’s that list. The reason some of these shouldn’t be included IMO is they don’t really represent grassroots interest.”

Source: EricBalchunas/Twitter

Even when the list includes ETFs that launched without natural volume, the ProShares Bitcoin futures ETF had the second-largest launch of all time behind the Blackrock US Carbon Transition Readiness ETF.

BITO had already clocked $440 million in trading volume within an hour of launch, according to Balchunas.

ProShares’ fund doesn’t invest directly in BTC, but it provides price exposure to Bitcoin futures contracts, a first in the United States.

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Bitcoin is trading at $64,075 at time of writing, up more than 11% in the past week, according to CoinGecko.

The largest crypto asset by market cap hit its all-time high of $64,804 in mid-April.

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Featured Image: Shutterstock/Sensvector/Sergey Nivens