Bitcoin futures ETF reaches $1B AUM in record two days

Since the ProShares Bitcoin Strategy ETF started trading this week, it has become the fastest fund ever to reach $1 billion in assets under management (AUM).

The launch of the highly anticipated US’s first Bitcoin futures exchange-traded fund BITO has achieved many milestones.

Bloomberg senior ETF analyst Eric Balchunas reported that the fund reached ten-figure asset management scale after only two days of trading, the fastest in history. BITO easily surpassed the previous record holder, the gold fund with the stock code GLD, which broke the $1 billion mark in three days in 2004.

He commented that this is “poetic,” which presumably refers to the value storage characteristics of Bitcoin and its comparison with digital gold.

Barciunas exclaimed: “I have never seen anything like this. I bet ProShares is even shocked,” while retweeting a post by Bloomberg Intelligence Research Analyst James Seyffart, he renew Original chart.

Barcunas Comment A post published by Nate Geraci, president of ETFStore, pointed out that nearly 45% of BITO’s exposure is now in November futures contracts.

“If BITO maintains this inflow rate, by the end of this month, there will be no futures available for purchase due to POS. [position] limit. “

ProShares Fund also broke The highest organic content ever on the first day It reached $1 billion when it launched on October 19. The trading volume on the first day of listing exceeded 24 million shares. Since the launch of the ETF, its trading volume has now exceeded US$2 billion.

related: As the price of cryptocurrency reaches ATH, VanEck Bitcoin Strategy ETF may be launched next week

Balchunas predicts that the next Bitcoin futures fund will be launched on Friday. This is most likely the Valkyrie Bitcoin Strategy ETF, which is preparing to change its stock symbol back to BTF. In the cryptocurrency circle, the former stock symbol BTFD also mentioned “buy the fucking trough”, which may not have dropped much in the SEC.

According to CoinGecko’s data, this momentum pushed the price of Bitcoin to a record high of $67,276 on October 20. At the time of writing, the asset fell slightly and changed hands near $65,230.

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