In terms of opening day volume, the ProShares Bitcoin Strategy Fund (BITO) has risen to the number two spot. It is the first-ever exchange fund to hold bitcoin futures contracts.
According to TradingView data, BITO, which made its New York Stock Exchange debut on Tuesday, completed Tuesday’s session with 23.103 million shares traded. It is nearly $950 million Blackrock’s US Carbon Transition Readiness ETF set a new record for first-day trading volume in April 2021, with $1.1 billion in assets under management.
Also, the president of ETF Store, Nate Geraci, said he isn’t shocked by the amount seen today. Individual investors and financial advisors have expressed a strong desire to gain exposure to the bitcoin price through standard brokerage and retirement accounts, as seen by BTO’s impressive debut.
BITO gained 4.73 percent to $41.89 at the end of Tuesday’s trading session.
? First Bitcoin Futures ETF
The first-ever bitcoin futures ETF in the world had a lot of activity during the trading session. 6.4 million shares, or around $264 million, had exchanged just under half an hour after the market opened. Just after 11 a.m. EDT, volume surpassed $500 million.
The quantity of spot trading choices accessible to traders and the reality that futures products have roll charges raised some eyebrows. But, the general consensus seemed to be in favor of futures-based products.
According to Chen Arad, COO of Solidus Labs, the futures ETF is a product many anticipate. It has attracted many investors seeking safe ways to gain more exposure to crypto. As a result of these price increases, regulators are more likely to approve Bitcoin as a whole and accept it as part of their regulatory frameworks.
In addition, analysts and investors will be watching to see how the Valkyrie Bitcoin Strategy ETF performs. They were planning an initial launch on ProShares on Tuesday. But, the Nasdaq debut will now take place on Thursday.
Because Valkyrie was the second mover, Geraci predicted that its performance would be lower than ProShares’. “However, I believe there will be strong demand for them. More importantly, the race for a bitcoin ETF will be back in full swing.”