Since the ProShares Bitcoin Strategy ETF began trading this week, it has become the fastest fund to reach $ 1 billion in assets under management (AUM).
The highly anticipated launch of the first exchange-traded Bitcoin futures fund in the United States, BITO, has resulted in a number of important achievements.
Bloomberg ETF senior analyst Eric Balchunas reported that the fund was the fastest to reach a ten-figure AUM after just two days of trading. BITO easily beat the previous record holder, a gold-based fund with the GLD ticker, which took three days to hit the $ 1 billion mark in 2004.
He commented that this was "poetically appropriate," presumably in reference to Bitcoin's store of value properties and the comparison to digital gold.
PLUS BRANDER: $ BITO assets up to $ 1.1 billion after today, making it the fastest ETF to reach $ 1 billion (2 days) breaking the 18-year record of $ GLD (3 days), which is poetically appropriate. https://t.co/yGXyfwaogD
- Eric Balchunas (@EricBalchunas) October 20, 2021
Balchunas exclaimed โI have never seen anything like this. I bet ProShares is even shocked, โwhile retweeting a post by Bloomberg Intelligence research analyst James Seyffart, who updated the original graphic.
Balchunas commented that there may be no contracts left to buy if this volume continues, referring to a post from ETFStore president Nate Geraci, stating that nearly 45% of the exposure to BITO is now in November futures contracts.
โIf $ BITO maintains this inflow rate, there will be no futures left to buy at the end of the month due to pos [position] limits ".
The ProShares fund also broke the record for the highest organic volume day ever It reached $ 1 billion on October 19 when it was released. More than 24 million shares were traded on its debut day and since the ETF went live, it has now traded more than $ 2 billion in volume.
Related: The VanEck Bitcoin Strategy ETF will likely launch next week as cryptocurrency prices hit ATH
Balchunas has predicted that the next launch of the Bitcoin futures fund will be on Friday. This is likely to be the Valkyrie Bitcoin Strategy ETF, which is changing its ticker back to BTF in preparation. In crypto circles, the old BTFD ticker also referred to "buy the damn drop," which may not have gone down very well with the SEC.
I said this was the tmrw launch, which will actually be on Friday. I'm sorry about that. https://t.co/fqaGwjgscO
- Eric Balchunas (@EricBalchunas) October 20, 2021
The momentum has pushed Bitcoin prices to a new all-time high of $ 67,276 on October 20 according to CoinGecko. At the time of writing, the asset had retreated slightly to change hands around the $ 65,230 mark.
