Bitcoin is making the stock market buzz – As of Tuesday, October 18, 2021, the ProShares Bitcoin Strategy (BITO) ETF has made history, becoming the first ETF based on Bitcoin futures (BTC) to be traded on the US NYSE stock exchange. This first day of trading has been completely crazy, and this Bitcoin derivative has already broken old records for traditional assets.
$ 570 million invested in Bitcoin ETF from day 1
The society ProShares has achieved the feat of being the first to give up the Securities and Exchange Commission (SEC) after years of postponement of approval of an ETF covering Bitcoin.
And the relief of this long wait was strongly felt from the first day of listing of theETF ProShares Bitcoin Strategy on the New York Stock Exchange (NYSE). Indeed, at the close of the Wall Street stock exchange, the BITO was able to attract a total of $ 570 million investment.
The Bitcoin ETF had yet started its first trading session, with only 20 millions of dollars of starting capital, an influx of 550,000 million in just a few hours.
Matt Hougan, the CIO (Chief Investment Officer) of Bitwise Asset Management interviewed by CoinDesk, analyzes this strong inflow of money into the BITO from its first day of trading:
“(…) This suggests that there is a large amount of capital that is still excluded from the cryptocurrency market simply because it is still difficult to access it. That will change over time, and that capital will come into the market. This is a rather bullish signal for the long term. “
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Almost $ 1 billion in trade generated by BITO Bitcoin
ETF on futures ProsShares Bitcoin will also have managed to beat a record from its first on the markets. Indeed, it generated more than $ 993 million of trade volumes for its day 1.
As reported Eric Balchunas, senior ETF analyst at Bloomberg, the ETF obtained the most “natural” volume for its first day. Only one ETF backed by the giant fund BlackRock did slightly better, but because a huge institutional investor was already ready to buy the latter according to the analyst.
Even if this first Bitcoin ETF has finally entered the stock exchanges of the US market, it does not necessarily convince everyone by its usefulness. Thus, billionaire Marck Cuban explained that he preferred to “buy bitcoin directly” rather than buy a BTC ETF.
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