{"id":13374,"date":"2021-10-19T22:54:02","date_gmt":"2021-10-19T22:54:02","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/proshares-bitcoin-strategy-etf-debut-captures-close-to-1-billion-in-volume\/"},"modified":"2021-10-19T22:54:02","modified_gmt":"2021-10-19T22:54:02","slug":"proshares-bitcoin-strategy-etf-debut-captures-close-to-1-billion-in-volume","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/proshares-bitcoin-strategy-etf-debut-captures-close-to-1-billion-in-volume\/","title":{"rendered":"Proshares Bitcoin Strategy ETF Debut Captures Close to $1 Billion in Volume"},"content":{"rendered":"

The first bitcoin exchange-traded fund (ETF) launched in the United States and smashed records on Tuesday, capturing close to $1 billion in total volume. Eric Balchunas, the senior ETF analyst for Bloomberg said that the Proshares Bitcoin Strategy ETF (BITO) definitely \u201cdefied expectations.\u201d<\/strong><\/p>\n

Proshares Bitcoin ETF Commands Serious Volume<\/h2>\n

Proshares Bitcoin Strategy exchange-traded fund (BITO<\/a>) did well on its first day, as it closed the day at 4:00 p.m. (EDT) at $41.94 per unit. Meanwhile, the price of bitcoin (BTC<\/a>) soared on Tuesday, tapping a high of $64,367 on the crypto exchange Bitstamp fifteen minutes after the closing bell on Wall Street.<\/p>\n

As the ETF shares swapped hands on the New York Stock Exchange (NYSE), BITO reached a daily high of over $42. Bloomberg Intelligence analyst James Seyffart tweeted<\/a> at the end of the day: \u201cLooks like the final tally is gonna be right around ~$990 million in trading for BITO on its first day trading.\u201d<\/p>\n

Eric Balchunas, the senior ETF analyst for Bloomberg, also tweeted about the action the Proshares Bitcoin Strategy ETF saw on Tuesday. \u201cBITO just about $1 [billion] in total volume today (curr $993m but trades still trickling in),\u201d Balchunas said<\/a>. \u201cEasily the biggest Day One of any ETF in terms of \u2018natural\u2019 volume. It also traded more than 99.5% of all ETFs ([including] some big [ones] like DIA, ARKK, SLV). It [definitely] defied our expectations.\u201d The analyst added:<\/p>\n

If we don\u2019t exclude ETFs where their Day One volume was literally one pre-planned giant investor or BYOA (not natural), it still ranks #2 overall. Here\u2019s that list. The reason some of these shouldn\u2019t be included IMO is they don\u2019t really represent grassroots interest.<\/p>\n

While the Proshares bitcoin ETF had a decent day, bitcoin (BTC)<\/a> spot markets also rampaged on October 19. BTC<\/a>\u2019s market cap swelled over $1.2 trillion on Tuesday and there\u2019s been $42.4 billion in global trade volume throughout the day.<\/p>\n

Balchunas stressed<\/a> that the result of today\u2019s first bitcoin ETF performance in the U.S., \u201cmakes life that much harder for the next in line ETFs to succeed.\u201d He added: \u201cEvery day counts [because] once an ETF gets [known] as \u2018the one\u2019 and has tons of [liquidity], it\u2019s virtually imposs to steal (see SPY, GLD).\u201d Balchunas concluded<\/a>:<\/p>\n

What does this mean for assets? My guess is about half of this volume will end up as flows next two days. [Probably] looking at $750 [million] by end of week, something like that. Tomorrow\u2019s volume will be interesting and how much it comes down to Earth vs [staying] high.<\/p>\n

What do you think about the Proshares Bitcoin Strategy ETF (BITO) performance on Tuesday? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nMarkets and Prices, 1 billion, Bitcoin (BTC), bito, BTC, Eric Balchunas, ETF performance, ETF Volume, First Bitcoin ETF, First US Bitcoin ETF, James Seyffart, NYSE, nyse arca, October 19 debut, Proshares ETF, tomorrows volume, Wall Street<\/p>\n","protected":false},"excerpt":{"rendered":"

The first bitcoin exchange-traded fund (ETF) launched in the United States and smashed records on Tuesday, capturing close to $1 billion in total volume. Eric Balchunas, the senior ETF analyst for Bloomberg said that the Proshares Bitcoin Strategy ETF (BITO) definitely \u201cdefied expectations.\u201d Proshares Bitcoin ETF Commands Serious Volume Proshares Bitcoin Strategy exchange-traded fund (BITO)…<\/p>\n","protected":false},"author":0,"featured_media":13375,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13374"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13374"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13374\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13375"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}