First US Bitcoin ETF launches

  • The first Bitcoin ETF listed on the New York Stock Exchange was ProShares’ Bitcoin Strategy ETF. Backed by bitcoin futures, the ETF raked in roughly $520 million on its opening day. The fund also saw about $1 billion of trading volume.
  • Dave Nadig, chief investment officer and director of research of ETF Trends, said that most of the trading volume likely came from retail investors, as there were only a handful of large “block” trades that are typical of big institutional players.
  • “This is probably going to be what we all expected, which is it’s an access vehicle for certain players in the marketplace,” said Nadig.
  • Soon after the launch, the price of Bitcoin broke its previous all-time high of $64,804 set in April this year, peaking at $66,974 on 20 October.

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