BTC Futures ETF Debuts! Highest Ever First Day Natural Volume Noted?

7:13 am, Wed, 20 October 21

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The approval of Bitcoin Futures ETF was one of the most highly anticipated events in the market. Many major entities were seen to invest in the flagship crypto asset in anticipation of the BTC ETF.

To the delight of Bitcoin enthusiasts, not only has the ETF been approved by the Securities and Exchange Commission in the USA, but the price of BTC has also surged way above the $60k price mark.

ProShare’s BTC Strategy ETF has now made its debut and has seen the highest ever first day “natural” volume for an ETF.

According to some analysts, this is likely to positively impact the price of the largest crypto asset furthermore. However, this is just speculation at the moment and is yet to be seen in real life.

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Data to Consider for BTC Futures ETF Debut

ProShare’s BTC Strategy Futures ETF (BITO) launched on the New York Stock Exchange (NYSE) yesterday (October 19th) and had an opening price of $40.88 and closed at $41.94.

According to reports, a sum of 24.313 million shares changed hands, which amounts to a volume of more than $1 billion on the first day. This is noted to be the highest ever first-day natural volume for an exchange-traded fund.

It is just behind the Blackrock US Carbon Transition Readiness ETF, which noticeably had a volume of $1.16 billion when it debuted back in April.

While speaking about the first-day volume noted for the BTC Futures ETF, the word “natural” is quite emphasized for a significant reason. Even though the Blackrock US Carbon Transition Readiness ETF had a slightly higher volume, it is argued to be “unnatural” and driven by a major investor. The volume of this ETF was also seen to drop between $2 million to $6 million a few days after its debut.

ProShare’s Bitcoin Futures ETF, on the other hand, was not subjected to any such factor and hence had a natural highest ever first-day volume.

It has also been disclosed that BITO received inflows worth around $570 million on its first day.

Matt Hougan, one of the leading experts on crypto, financial technology and ETFs in the world, shared a tweet and addressed how big the new BTC Futures ETF could be.

According to reports, the second ETF to join BITO is Valkyrie’s Bitcoin futures-based ETF. It is set to be launched on the New York Stock Exchange this week.

Could the BTC Futures ETF Impact the Market?

The success of BITO has been quite remarkable for ProShare and the overall crypto sector. It is indeed a milestone that has been achieved by both and can even boost the price of Bitcoin.

However, there are a few consequences that the launch of this ETF can have on other firms that are planning to launch their own BTC Futures ETF.

A senior ETF analyst, Eric Balchunas, stated:

The other result of today is it makes life that much harder for the next in line ETFs to succeed. Time is of the essence. Every day counts because once an ETF gets known as ‘the one’ and has tons of liquidity, it’s virtually impossible to steal.”

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