Breaking: ProShares Bitcoin Futures ETF ($BITO) Becomes Fastest ETF in History to Reach $1 Billion

By Prashant Jha
Published October 21, 2021 Updated October 21, 2021
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Breaking: ProShares Bitcoin Futures ETF ($BITO) Becomes Fastest ETF in History to Reach $1 Billion

By Prashant Jha
Published October 21, 2021 Updated October 21, 2021

The first-ever Bitcoin ETF in the US by ProShares ($BITO) continues to shatter records for the second day in a row. After registering the second-highest trading volume for an ETF on Debut, $BITO has now become the fastest to accumulate $1 billion in assets that too within two days. ProShares started with $20 million in assets which grew over $500 million on the first day and breached $1 billion on the second day.

$BITO
Source: TradingView

Quite ironically $BITO has broken the record held by Gold ETF ($GLD) for nearly 18 years as it managed to gain $1 billion in assets in 3 days. The trading volume for $BITO topped $1 billion as well and accumulated assets reached $1.1 billion.

The ProShares Bitcoin Futures ETF created history after it became the first crypto-centered ETF to get the US SEC’s nod. $BITO’s approval has now paved way for Valkyrie Bitcoin Futures ETF as well which was approved by the SEC yesterday.

Bitcoin Breaks ATH on Back of $BITO’s Record Run

October was predicted to be the month of bulls after the crypto market suffered nearly 5-months of bearish consolidation. However, the approval of the first-ever Bitcoin ETF also played as a catalyst for the $BTC price. The top cryptocurrency that started the month under $45K managed recover all of its losses over the past five months in just two weeks’ time, and yesterday it managed to break the previous ATH of $64,683 as well.

$BTC recorded a new ATH of $66,930 yesterday as its market cap reached $1.25 trillion for the first time. The top cryptocurrency has seen a minor correction overnight from ATH and currently trading just under $65K.

$BITO
Source: TradingView

Having already surpassed the ATH, the remaining two months could be the price discovery mode for $BTC where it can repeat a similar feat as it did in 2017 December when the $BTC price rose nearly doubled in the last couple of weeks of December 2017.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1202 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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