Bitcoin Futures ETF Hits $1 Billion AUM in Two Days

The ProShares Bitcoin ETF has broken an 18-year-old record by being the fastest fund to reach $1 billion in assets under management (AUM).


Successful launch

The ProShares Bitcoin Strategy ETF has become the fastest fund ever to reach $1 billion in assets under management (AUM). The launch of the first Bitcoin futures ETF in the United States, called BITO, has led to some unique achievements.

Bloomberg’s ETF analyst Eric Balchunas reported that after just two trading days, the fund is the fastest fund ever to reach an AUM of more than a billion. BITO easily surpassed the previous record holder. That was a gold-based fund with the ticker GLD. In 2004, this fund took three days to reach one billion.

The analyst noted that this was “poetic”, referring to Bitcoin being referred to as digital gold.

balchunas said: “I’ve never seen anything like it. I bet ProShares itself is shocked too”.

Balchunas noted that there may be no more contracts to buy if this volume continues. He referred to a message from ETFStore president Nate Geraci stating that nearly 45% of BITO exposure is now in November futures contracts.

“If BITO maintains this pace of inflows, it will run out of futures to buy by the end of the month due to position limits.”


Records broken

The ProShares fund also broke the record for all-time high first-day organic volume. It reached $1 billion on October 19 when it was launched. During the first day, more than 24 million shares were traded. Since the ETF went live, it has traded more than $2 billion in volume.

Balchunas also says he expects a new Bitcoin futures ETF to go live on Friday. This is probably the Valkyrie Bitcoin Strategy ETF. This one will get the ticker BTF.

The great news surrounding the Bitcoin ETFs has sent the Bitcoin price soaring to a new All Time High of $67,275. At the time of writing, the price of 1 BTC is around $66,000.

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