The first US bitcoin (BTC) exchange traded fund (ETF) got off to a good start yesterday. On the first day, the trading volume exceeded $1 billion. And even today, the fund continues to attract many investors, according to data from Bloomberg.
ProShare’s BITO bitcoin futures ETF is the first US bitcoin-linked ETF ever. And as expected, the fund is immediately popular. An ETF makes it easier for traditional investors to invest in bitcoin. They can do this via their trusted route through their broker and know for sure that they comply with the applicable laws and regulations.
BITO’s trading volume stood at just above $1 billion on its first day yesterday. If we compare this with how other ETFs performed on their first day, we see that the BITO bitcoin ETF can come right up with the top. In fact, based on the ‘natural’ trading volume on the first day of listing, the fund is the most successful ETF ever. You can read more about this in this article.
Trading volume did not slump on the second day, according to a tweet shared by Bloomberg’s James Seyffart. Trading volume may even surpass yesterday’s. At the time of writing, BITO is once again above $1 billion, achieving another striking record:
“There it is! It’s only 1:30 [in de tijdzone van Seyffart] and BITO has already traded $1 billion on the second day. Crazy. Assuming this fund has only converted 43% of this volume into assets (it converted 57%). This is the first ETF to have $1 billion in assets under management in less than 2 days. GLD did it in 3 days.”
there it is! It’s only 1:30 and $BITO has already traded $1 billion on its second day. Wild. Assuming this thing converted just 43% of this volume into assets (it converted 57% yesterday), this is the first ETF to crack $1 billion in AUM in under 2 days. GLD did it in 3 days. https://t.co/rRcmZuwhcv pic.twitter.com/ONJ21GH9JH
— James Seyffart (@JSeyff) October 20, 2021
ProShare’s BITO won’t be the only US bitcoin ETF on the market for long. A VanEck fund is also expected to be launched shortly, according to earlier reports today.