ProShares’ Bitcoin ETF Shows $1 Billion Trading Volume On Day One
On the first day on the market, the exchange-traded fund Bitcoin Strategy ETF company ProShares showed the highest “natural” trading volume. By the end of the day, this figure skyrocketed to $1 billion.
The ProShare Bitcoin Futures ETF was launched on the New York Stock Exchange (NYSE) on October 19 with an open price of $40.88. BITO closed the day at $41.94, with a total of 24.313 million shares changed hands, according to TradingView, which equates to just over $1 billion in first-day volume.
In the overall ranking, the Bitcoin Strategy ETF came in second, just behind the Blackrock US Carbon Transition Readiness ETF, which grossed $1.16 billion at the time of its debut in April.
Bloomberg Senior ETF Analyst Eric Balchunas noted on Twitter that the ProShares ETF was arguably the largest in terms of “natural” or “popular interest.”
BITO received $570 million in investment on its first day, suggesting that the ProShares ETF could be considered the largest in the industry in terms of first-year net flows for a single first-to-market commodity ETF.
According to FactSet, the two main commodity ETFs leading the group are gold and silver, with first-year flows of $3 billion and $1.7 billion, respectively. In addition to commodities, the largest annual flow for ETP of $5.351 billion came from Invesco QQQ Trust.