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Monday, January 24, 2022

Bitcoin ETF Has Touched $1 Billion In 2 Days

Ever since the ETF of Bitcoin started its trade this week, it has turned into the fastest exchange-traded fund to reach around $1 billion in AUM. The hugely anticipated launch of the first futures of this cryptocurrency in the United States has led to quite a few interesting achievements.

Eric Balchunas, the senior ETF analyst for Bloomberg, has gone on record stating that the fund was definitely the quickest ever to reach an AUM of 10 figures after just a couple of days of trading. The ETF has also surpassed the previous record-holder GLD, which took around three days to hit the same mark back in 2004.

Bitcoin ETF Breaks Records 

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Balchunas has claimed that this is something that was never deemed possible. He even wagered that the Bitcoin ProShares was pretty stunned by this movement. He stated this while retweeting a post by James Seyffart, the research analyst for Bloomberg Intelligence, who went on to update the original chart.

Balchunas mentioned that there might not be any futures contract left to purchase if the current rate of volume continues, which he referred to in a post by the ETF Store President Nate Geraci, who stated that around 45% of the exposure of this ETF was now in the futures contracts of November. 

Balchunas has also predicted that the next Bitcoin futures fund would be launched on Friday. This could definitely be the ETF of Valkyrie, which has been changing its ticker back to the BTF for its preparation. In the crypto sector, the former ticker of BTFD has also been referred to as the ‘buy the f—- dip’- which will definitely not go well with the United States Securities and Exchange Commission. 

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It is being assumed that this momentum will be driving the prices of Bitcoin to record-highs of $67,276 on Wednesday, as reported by CoinGecko. 

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