Proshares Bitcoin Futures Fund ranks in the top 2% of all ETF trading volume

Since its launch on October 19, Proshares’ Bitcoin Futures Exchange Traded Fund (ETF) has been a popular choice for traders, ranking in the top 2% of all ETFs in terms of total trading volume.

Bloomberg Senior ETF Analyst Eric Balchunas pointed out on November 11 that the ProShares Bitcoin Strategy ETF (BITO) yesterday traded $400 million worth of stocks, and its average trading volume has always been the top 2% of all ETFs.

The total inflow of BITO in the past 9 days is approximately US$112.79 million. Although this figure pales in comparison with the inflows of US$567.1 million and US$48951 million in the two days before the fund’s listing, Baluchunas pointed out that for the newly launched ETF, “this kind of continuous liquidity age is very rare “.

BITO on New York Stock Exchange On October 19, assets under management (AUM) worth more than $1.4 billion have been accumulated since then. Although the price of BITO failed to soar and is currently at US$42.3, which is slightly lower than its initial listing price of around US$43.2, investor interest in the fund is still high. Balchunas believes that option volume may be the driving factor behind BITO at this stage.

In the near future, there seems to be little hope that Bitcoin ETFs that track spot prices will be approved. Balchunas stated that VanEck’s spot ETFs will almost certainly be approved. Repelled Deadline by the U.S. Securities and Exchange Commission (SEC) on November 14. Analysts set the odds at 200-1, which is “bleak”.

related: BREAKING: BlockFi file of a physically supported Bitcoin ETF

On November 10th, Leks Gerlak, Investment Strategist, ProShares Tell U.S. News and World Report stated that BITO should have no problem in reflecting the value of Bitcoin, because futures contracts play a key role in determining its spot value:

“Bitcoin does not have a single reference price. The transaction price of Bitcoin varies from exchange to exchange, usually between 1% and 2%, and sometimes between 4% and 5%. Expert research on this topic found that Bitcoin The futures market dominates the price discovery process.”

“In the past few years, Bitcoin futures and Bitcoin have historically provided very similar returns. Correlation and beta are very close to Bitcoin,” he added.