According to a report from Bloomberg, the ProShares Bitcoin ETF exceeded $ 1 billion in assets under management (AUM) within two days of its listing on October 19.

Bloomberg Intelligence further revealed that no other exchange-traded fund has ever hit the $ 1 billion mark in volume so quickly. It rated BITO as the second strongest “heaviest-traded ETF debut of all time”. BITO was right behind the BlackRock Carbon Fund as it was backed by pre-seed investments in the first 24 hours of trading

While BITO was trading at $ 40, it was trading near $ 42.6 at press time.

The BTC futures ETF reportedly changed hands more than 24 million shares in its first 24 hours. By the close of trading on Wednesday, over 29 million units had been traded, the report said.

Bitcoin and gold are often compared as asset classes for hedging against inflation. This time the competition was close.

The first exchange traded fund (ETF) to track the price of gold was the SPDR Gold Trust ETF (GLD) in the United States in 2004. The GLD reached $ 1 billion in assets under management in just three days. It held that record for 18 years before it was beaten by BITO.

The fastest ETF to ever hit a billion dollars (of course) was $ GLD in 2004. He did it in 3 days. Nobody has come this close since then. After one day, $ BITO has $ 570 million available to at least retain this DiMaggio-like achievement. Here’s the fastest in a Missile Command-y looking diagram from @JSeyff pic.twitter.com/TWU1ZvTA1p

– Eric Balchunas (@EricBalchunas) October 20, 2021

Meanwhile, Bitcoin also managed to outperform its previous ATH after breaking the $ 67,000 mark. Indeed, the asset class rally was fueled by inflation concerns, according to JP Morgan Chase.

In another update, the Valkyrie Bitcoin Strategy Fund is reportedly ready to start trading on October 22nd. It will be the second US Bitcoin Futures ETF ever with Justin Sun, CEO of BitTorrent, as the main investor.

Since it is traded on the Nasdaq, Sun announced

I have a bitcoin … and I have an ETF … boom … BTF … pic.twitter.com/QAvrpBLAf6

– Justin Sun 🅣🌞 (@justinsuntron) October 21, 2021

With Invesco ETF out of the running, a total of three Bitcoin ETFs got the green light. VanEck will likely be listed with more funds in the queue next week.

VanEck arrives shortly after Walküre. It is possible that we will have 5 of these bad guys on the market in the next 10-12 days. They’ll all have their jobs trying to slow down $ BITO, which with its early big-boy volume is like a snowball rolling down the hill. pic.twitter.com/mwrwYrfbc1

– Eric Balchunas (@EricBalchunas) October 21, 2021


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