Nearly $1 Billion of Bitcoin Futures ETF Trades in One Day

The very first Bitcoin ETF has hit the market. And it nearly broke the trading record for any debuting ETF ever. The Bitcoin futures ETF launched yesterday is a huge success. Enthusiastic investors traded $280 million worth of shares in the first 20 minutes. In one day, nearly $1 billion worth of ETFs were traded.

Bitcoin ETF Hits Second Highest Volume Ever

ProShares’ Bitcoin Strategy ETF began trading at 3:30 PM yesterday on the New York Stock Exchange under the ticker BITO. Investors who wanted exposure to the cryptocurrency can now buy shares that are pegged to the future price of Bitcoin. 1 BITO share started at a price of $40 and rose to a price of $41.94 in 1 day. That means that BITO has recorded a price increase of 4.85% on its first day.

BITO exchange rate – Source: Yahoo! finance

Analysts said the massive volume traded nearly broke a record: Although it just missed the $1 billion mark, it was very close. Bloomberg figures show that $994 million was traded. Only one ETF in the history of US ETFs reached $1 billion on its first day, and that was BlackRock’s Carbon Transition Readiness.