First US Bitcoin ETF Becomes Second Most Traded ETF

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The trading volume of the ETF based on Bitcoin futures from ProShares (BITO) on the first trading day on the NYSE amounted to 24.42 million shares, almost reaching $ 1 billion. According to this indicator, the instrument took the second place among all exchange-traded funds, Bloomberg reports.

Only the BlackRock U.S. Carbon Transition Readiness ETF, launched by BlackRock, showed a higher value with $ 1.16 billion.

At the end of the trading session, BITO rose by 4.9% to $41.94 amid Bitcoin’s growth to $64,000.

BITO options will start trading on NYSE Arca Options and NYSE American Options on October 20.

The net purchase of futures traded on CME was $550 million.

According to analyst Eric Balchunas, BITO has surpassed all other funds in terms of “natural” volumes – without taking into account the primary capital large investors provide in advance. According to the specialist’s observations, Bitcoin ETFs surpassed 99.5% of exchange-traded funds in terms of trading activity.

If we consider only “natural” demand, then BITO’s debut turned out to be the most successful, Balchunas has added.

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