{"id":142239,"date":"2021-10-20T02:29:13","date_gmt":"2021-10-20T02:29:13","guid":{"rendered":"https:\/\/precoinnews.com\/?p=142239"},"modified":"2021-10-20T02:29:13","modified_gmt":"2021-10-20T02:29:13","slug":"bitcoin-futures-etf-debuts-with-highest-ever-first-day-natural-volume-of-1b","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-futures-etf-debuts-with-highest-ever-first-day-natural-volume-of-1b\/","title":{"rendered":"Bitcoin futures ETF debuts with highest ever first day &#x27;natural&#x27; volume of $1B"},"content":{"rendered":"<p>ProShares\u2019 Bitcoin Strategy exchange-traded fund (BITO) saw the highest ever first day \u201cnatural\u201d volume for an ETF, with the figure reaching a little over $1 billion by the end of the opening day.<\/p>\n<p>It is second overall, tailing just behind the Blackrock US Carbon Transition Readiness ETF which booked $1.16B in volume on its debut in April. <\/p>\n<p>The ProShare\u2019s Bitcoin futures-based ETF launched on the New York Stock Exchange (NYSE) on October 19 with an opening price of $40.88. According to data from TradingView, BITO closed the day at $41.94 with a total of 24.313 million shares changing hands, equating to a first-day volume of just over $1 billion.<\/p>\n<p>Commenting on the BITO\u2019s opening day performance, Bloomberg\u2019s senior ETF analyst Eric Balchunas tweeted that ProShares\u2019 ETF was arguably the largest in terms of \u201cnatural\u201d or \u201cgrassroots interest.\u201d <\/p>\n<p>Balchunas said Blackrock\u2019s US Carbon Transition Readiness ETF (LCTU) April launch volume was \u201cunnatural\u201d as it was driven by \u201cone pre-planned giant investor.\u201d LCTU\u2019s daily volume also fell off a cliff to between $2 million to $6 million in the days after launch.<\/p>\n<p>There were reportedly $570 million worth of inflows for BITO on the first day, suggesting that ProShares\u2019 ETF could rank itself as an industry heavyweight in terms of year-one net flows for a first-to-market single commodity ETF in 12 months.<\/p>\n<p>According to data from FactSet, the top two single commodity ETFs leading the pack are Gold and Silver, with year-one flows of $3 billion and $1.7 billion respectively. Outside of commodities, the largest year- one flow for an ETP of $5.351 billion was for the Invesco QQQ Trust.<\/p>\n<p>While the bullish performance marks a significant milestone for ProShares and the crypto sector, Balchunas warned that it could have consequences for the other firm\u2019s next in line to launch their own Bitcoin (BTC) futures ETFs:<\/p>\n<blockquote><p>\u201cThe other result of today is it makes life that much harder for the next in line ETFs to succeed. Time is of the essence. Every day counts because once an ETF gets known as &#8216;the one&#8217; and has tons of liquidity, it&#8217;s virtually impossible to steal.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Buy the rumor&#8230; buy the news? BTC price passes $63K as US Bitcoin ETF launches<\/em><\/strong><\/p>\n<p>Following ProShares\u2019 ETF launch on Tuesday, U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler outlined in an interview why he, and the SEC, favor ETFs backed by Bitcoin futures as opposed to the spot price of BTC. <\/p>\n<p>\u201cBTC futures have been overseen by the SEC\u2019s sister agency, The Commodities Futures Trading Commission, for the past four years. You have something that\u2019s been overseen for the past four years by a federal regulator and it\u2019s also been wrapped up in the SEC\u2019s jurisdiction through the Investment Company Act of 1940,\u201d he said. <\/p>\n<p>Valkyrie\u2019s Bitcoin futures-based ETF is set to be the second product to join BITO on the NYSE this week. It cheekily changed its ticker to BTFD, which is slang for Buy The F&#8211;ing Dip.<\/p>\n<p>Source: <a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-futures-etf-debuts-with-highest-ever-first-day-natural-volume-of-1b\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ProShares\u2019 Bitcoin Strategy exchange-traded fund (BITO) saw<\/p>\n","protected":false},"author":3,"featured_media":142238,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin futures ETF debuts with highest ever first day &#x27;natural&#x27; volume of $1B - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/bitcoin-futures-etf-debuts-with-highest-ever-first-day-natural-volume-of-1b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin futures ETF debuts with highest ever first day &#x27;natural&#x27; 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