Bitcoin futures ETF hits $ 1 billion in assets under management in two days, record high – .

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Bitcoin futures ETF hits $ 1 billion in assets under management in two days, record high – .


Since the ProShares Bitcoin Strategy ETF started trading this week, it has become the fastest fund to reach $ 1 billion in assets under management (AUM).
The highly anticipated launch of the first Bitcoin futures exchange-traded fund in the United States, BITO, has resulted in a number of significant achievements.

Bloomberg’s senior ETF analyst Eric Balchunas said the fund was the fastest to reach ten-digit AUM after just two days of trading. BITO easily overtook the previous record holder, a gold-based fund with the symbol GLD, which took three days to hit the billion dollar mark in 2004.

He commented that it was “poetically apropos,” presumably in reference to Bitcoin’s store of valuable properties and comparison to digital gold.

Balchunas exclaimed, “I’ve never seen anything like it. I bet ProShares is even shocked, ”while retweeting an article by Bloomberg Intelligence research analyst James Seyffart, who update the original table.

Balchunas commented that there may be no more contracts to buy if this volume continues, referring to an article by ETFStore President Nate Geraci, stating that nearly 45% of BITO exposure is now made up of November futures contracts.

“If $ BITO maintains this rate of influx, it will not have any futures contracts to buy by the end of the month due to the pos [position] limits. “

The ProShares fund also broke the record for the first day of highest organic volume on record, which reached $ 1 billion on October 19 when it launched. Over 24 million shares were traded in its first day and since the ETF went live it has now traded over $ 2 billion in volume.

A report: VanEck Bitcoin Strategy ETF will likely launch next week as crypto prices hit ATHs

Balchunas predicted that the next Bitcoin futures fund launch will be on Friday. This is probably the Bitcoin Valkyrie Strategy ETF changing its ticker to BTF in preparation. In crypto circles, the former ticker BTFD also referred to “buy the fucking trough”, which may not have gone too well with the SEC.

The momentum drove Bitcoin prices to a new all-time high of $ 67,276 on October 20, according to CoinGecko. At the time of writing, the asset had retreated slightly to change hands around the $ 65,230 mark.



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