PROSHARES BITCOIN FUTURES ETF MAKE DEBUT IN THE MARKET
The sponsor of the fund, ProShares, stated that from the seed capital of $20, Million Bitcoin Futures ETF “BITO”, the first ever exchange traded fund (ETF) backed by Bitcoin futures, went to $570 million on the first day of the sale.
It was launched on Tuesday on the New York exchange and it was confirmed that fund saw a $1 billion trading volume same day, making it the second most heavily-traded new NFT-according to Bloomberg.
Dave Nadig, chief investment officer and director of research of ETF Trends, made his statement: “This is probably going to be what we all expected, which is it’s an access vehicle for certain players in the marketplace.” “There’s lots of folks who are active participants in the markets who just don’t want to cross over the crypto bridge by themselves.”
The Securities and Exchange Commission (SEC) of the United States approved the ETF last week and reportedly there are few other ETF projects pending for approval.
