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Bitcoin Futures ETF Has Record Day

Bitcoin Futures ETF Has Record Day

Bitcoin
October 20, 2021 by Editorial Team
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The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now. The ProShares bitcoin futures ETF under the ticker $BITO hit the market for a significant moment in bitcoin’s


The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

The ProShares bitcoin futures ETF under the ticker $BITO hit the market for a significant moment in bitcoin’s history yesterday. It turned out not to be a “sell the news” type of event as the bitcoin price hovered around $64,000, right under the previous all-time high.

The fund traded $280 million worth of shares in the first 20 minutes, putting it in the top-15 opening-day launches of all time. The current level of volume traded for the entire day settled around $993 million.

On the same day, Barry Silbert and Grayscale filed to convert their Grayscale Bitcoin Trust vehicle (GBTC) with $41.4 billion (value at $64,000 price) into a bitcoin spot ETF. Although a bitcoin spot ETF will be a better vehicle for bitcoin exposure relative to a futures ETF, Gary Gensler of the U.S. Securities and Exchange Commission (SEC) has reiterated his support for futures ETFs that register under the Investments Company Act of 1940, which he has said “provides significant investor protections” that come with Commodity Futures Trading Commission regulation and oversight.



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