BITO debuts with highest ever first-day volume, over $1B

Bitcoin Strategy exchange-traded fund (BITO) by ProShares makes a record of the highest ever first day “natural” volume for the ETF. The figure has already crossed $1 billion by the end of the opening day, i.e., October 19.

It sits at the second position overall, behind the April 2021- debuted Blackrock US Carbon Transition Readiness ETF, which recorded $1.16 billion volume on its first day. Although, in terms of ‘natural’ volume, BITO takes the win.

Notably, ProShares launched its BTC futures-based ETF on NYSE on October 19. As per the data by TradingView, BITO opened at the price of $40.88 and closed the day at $41.94. 24.313 million shares changed hands during the period with the first-day volume of more than $1 billion.

Eric Balchunas considers the BITO opening volume, ‘natural’

Eric Balchunas, the senior ETF analyst of Bloomberg commented on the opening day performance of the BITO by tweeting that ProShares’ ETF is the largest in terms of “grassroots interest.”

Balchunas said the top-ranked US Carbon Transition Readiness ETF (LCTU) by Blackrock had an “unnatural” volume which was driven by a pre-planned big investor. Interestingly, the statement by Balchunas is proved by the fact that LCTU’s daily volume fell from $2 million to $6 million after just a few days of launch.

As per the reports, BITO has received more than $570 billion worth of inflows on its launch day implying that ProShares ETF could become an industry heavyweight in year-one net flows.

Following the steps of BITO, as we covered earlier, Valkyrie’s Bitcoin futures-based ETF is also ready to be launched as the second product on the NYSE the same week. The U.S. Securities and Exchange Commission (SEC) approved the two ETFs recently. Valkyrie’s ETF has changed its ticker to BTFD, which is the slang for the famous phrase “Buy The F**ing Dip.”