ProShares’ Bitcoin Futures ETF debuts with around $1B volume, hitting the highest ever first day “natural” record.
ProShares‘ launched its first-ever Bitcoin Strategy exchange-traded fun called BITO, which saw its highest volume by the end of the opening day. It has 24.313 million BITO shares changing hands. This is the first time any bitcoin futures ETF has had this much volume. The second position is Blackrock US Carbon Transition Readiness ETF which booked $1.16B in volume on its launch in April.
The ProShares’ Bitcoin futures ETF launched on the NYSE on Oct. 19 with an opening price of $40.88. Taking a look at the Trading view data, BITO had a closing price of $41.94 with 24.313 million shares changing hands. Overall it summed up to a first-day volume of just over $1B.
Here is the tweet from Bloomberg’s senior ETF analyst Eric Balchunas regarding bitcoin futures ETF BITO’s opening day:
“$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..”
According to Balchunas, Blackrock’s US Carbon Transition Readiness ETF (LCTU) debut volume was unnatural. He mentioned it was driven by “one pre-planned giant investor.” After the debut, the daily volume was dropped drastically between $2M to $6M in only three days.
The phenomenal performance of this ETF marks a huge milestone for ProShares and the crypto market. However, it will have consequences for the next firms in line to launch their own Bitcoin futures ETF, as Balchunas warned.
