After nearly a decade of boom and anticipation, a Bitcoin-linked ETF was first traded on the New York Stock Exchange (NYSE). Even if the speculation in the last few weeks before the launch catapulted the cryptocurrency close to a new all-time high, the ProShares BTC Strategy ETF opened a record-breaking first day in the market.

The ETF with the ticker name $ BITO, which is backed by Bitcoin Futures, amassed over $ 1 billion in trading volume on its first day of trading. It’s also the second-largest debut ETF ever, just behind the BlackRock US Carbon Transition Readiness ETF, which has its highest single-day inflow to date at $ 1,161,734,000.

However, Bloomberg ETF analyst Eric Balchunas argued that it was “easily the biggest day of all ETFs in terms of ‘natural’ volume,” which rules out inorganic and pre-planned investments on the first day that later disappear.

If we don’t rule out ETFs where their day-one volume was literally a preplanned giant investor or BYOA (not of course), it still ranks second overall. Here is that list. The reason some of these shouldn’t be included in the IMO is because they don’t really represent the grassroots interest. pic.twitter.com/wmZiHnpFrS

– Eric Balchunas (@EricBalchunas) October 19, 2021

Either way, the first day for $ BITO was a real success in terms of trading as it closed at $ 41.94 with nearly 24 million shares traded and an open price of $ 40 up 4.85%.

The first Bitcoin ETF just painted a beautiful and very common fuck-you pattern, also known as the Burj Khalifa. Welcome home pic.twitter.com/MRvd8xCvD4

– Larry Cermak (@lawmaster) October 19, 2021

Balchunas also predicted that $ BITO’s success could spell trouble for the other BTC ETFs to come, as it could make their success significantly more difficult if too much time passes between this launch and the next. “Time is of the essence,” noted the analyst, adding that it would be virtually impossible to dethrone an ETF if it were crowned “the one” and had liquidity as well.

However, another ETF is reportedly due to hit the market this week. The Valkyrie ETF, which Balchunas previously announced would be released the same day as $ BITO, could hit the NYSE in the coming days, providing the ProShares ETF with much-needed competition.

Update: Walküre won’t go live tomorrow. We probably want to start Wed or Thu, but we’ll see. Anyway, tomorrow $ BITO will have the market to itself. https://t.co/G2Ucit6yxM

– Eric Balchunas (@EricBalchunas) October 18, 2021


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