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Sunday, May 29, 2022

Bitcoin Futures Debuts At $1 Billion

The exchange-traded fund of Bitcoin managed to see the highest ever first-day volume for an ETF when it traded at a little over $1 billion. Currently, it stands second- tailing behind the ETF of BlackRock U.S. Carbon Transition Readiness ETF- which had a booking of $1.16 billion on its April debut.

The ProShares ETF of this cryptocurrency was launched on the NYSE on Tuesday, with a solid opening price of around $40.88. As reported by TradingView, BITO ended up closing the day at a price of $41.94, with around 24.313 million shares being exchanged- which equated to a first-day volume spilling over $1 billion. 

Bitcoin ETF Nets Big On Opening Day

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Eric Balchunas, the senior ETF analyst at Bloomberg, spoke about the opening day performance of the ETF from Bitcoin. In a tweet, he spoke about how this ETF was probably the largest when considered at grassroots interest. He further mentioned that the ETF of BlackRock’s U.S. Carbon Transition Readiness was pretty unnatural- in that its volume was out of the ordinary- for it was driven by a single giant investor. The daily volume of LCTU fell off a tangent to between $2 million and $6 million just days after the meteoric launch. 

As far as the ETF from Bitcoin is considered, it managed a solid $570 million worth of inflows on the first day itself. This does suggest that the ETF from ProShares could beget itself as a major heavyweight in the industry in terms of single-year net flows to turn into the first-to-market single commodity ETF in over 12 months.

According to data that was brought by FactSet, the top two single-commodity ETFs that lead the pack are silver and gold- with a single year inflow value in the range of $1.7 billion and $3 billion respectively. Along with commodities, the largest flow for an ETF was $5.351 billion for the Invesco QQQ Trust.

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Bitcoin’s ETF will be joined by the futures-based ETF of Valkyrie on the NYSE the following week. 

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