The first-ever Bitcoin Futures ETF by ProShares made its debut in the US on Tuesday on the New York Stock Exchange (NYSE) after months of speculations. The numbers and volumes that the $BITO ETF did on the first day surpassed many people’s expectations and created many new records. Let’s take a look at some of the mind-boggling numbers that $BITO put up on the first day of trade. Each $BITO share was priced at $40
The ProShares $BITO registered a trading volume of near $1 billion, making it the most successful ETF on debut. This goes on to prove what crypto proponents have been claiming all along, a US-based ETF would easily surpass the combined total of the rest of the Bitcoin ETFs trading around the world.
The first-ever Bitcoin ETF in Canada took weeks to reach $1 billion dollars in trading volume. This is primarily because the US ETF market is at least 7X larger than the rest of the world. Eric Balchunas, the prominent Bloomberg ETF analyst deemed the opening day of ProShares as the second-highest opening in the ETF market ever. He said,
“If we don’t exclude ETFs where their Day One volume was literally one pre-planned giant investor or BYOA (not natural), it still ranks #2 overall. Here’s that list. The reason some of these shouldn’t be included IMO is they don’t really represent grassroots interest.”
Apart from record trading volume on the first day which saw the $BITO ETF take the second spot in the ETF history, ProShares also revealed a massive $550 million in inflows on the first day. ProShares started with $20 million in seed fund and ended the day with $570 million in assets.
The opening day not only proved to be a great success for the first-ever Bitcoin ETF but also set a benchmark that could become quite difficult to get past. On the other Bitcoin ($BTC) price also flirted near ATHs as it closed the highest daily candle in history at $64,453 just about $400 short from ATH.
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