Proshares Bitcoin futures fund in top 2% of all ETFs for volume

Proshares ETFs saw a staggering 1.5 billion in trading volume within the first two days of futures launch, making it one of the most popular bitcoin-focused products to date and putting ProShares at number 2 on CoinMarketCap’s list for daily volume.

The “proshares bitcoin futures strategy etf” is a top 2% of all ETFs for volume. The fund’s investment objective is to provide long-term capital appreciation through daily investments in Bitcoin and other cryptocurrencies.


Proshares’ Bitcoin futures exchange-traded fund (ETF) has been a popular option among traders since its inception on Oct. 19, jumping to the top 2% of all ETFs in terms of total trading volume.

The ProShares Bitcoin Strategy ETF (BITO) saw $400 million worth of shares traded yesterday, according to Bloomberg’s Senior ETF analyst Eric Balchunas, with its average volume constantly placing it in the top 2% of all ETFs.

Both $BITO and $BTF experienced their busiest trading days in over two weeks. $BITO has a $400 million trading volume, which is not only a lot but also a quarter of a million dollars, showing that it is used as a trading instrument.

November 10, 2021 — Eric Balchunas (@EricBalchunas)

Over the last nine days, BITO has received a total of $112.79 million in inflows. While the amount pales in contrast to the $567.16 million and $489.51 million inflows the fund received on its first two days of trading, Baluchunas remarked that “this type of steady flow-age is exceedingly uncommon” for a freshly formed ETF.

On Oct. 19, BITO debuted on the New York Stock Exchange and has already amassed more than $1.4 billion in assets under management (AUM). Investor interest in the fund continues strong, despite the fact that the price of BITO has remained flat at $42.3, slightly below its original listing price of $43.2.g. At this point, according to Balchunas, options volume may be the driving force behind BITO.

There seems to be little chance of a Bitcoin ETF tracking the spot market being authorized in the near future, with Balchunas predicting that VanEck’s spot ETF will almost probably be rejected by the SEC before the Nov. 14 deadline. The chances, according to the expert, are “bleak” at 200-1.

The SEC has 100 hours to decide whether or not to approve the VanEck spot Bitcoin ETF (my guess is they drop it Friday after mkt close but who knows). While our chances of approval are a dismal 200-1, the rejection statement may provide some insight into when it could happen. @JSeyff

November 10, 2021 — Eric Balchunas (@EricBalchunas)

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ProShares financial strategist Leks Gerlak told U.S. News & World Report on Nov. 10 that BITO should have no trouble representing the value of Bitcoin since futures contracts play a significant part in setting its current value:

“There is no one Bitcoin reference price, and the trading price of Bitcoin changes from one exchange to the next, frequently by 1 percent to 2 percent, and sometimes by 4 percent to 5 percent.” According to expert analysis, the Bitcoin futures market “dominates the price discovery process.”

“Bitcoin futures and Bitcoin have traditionally delivered extremely comparable returns over the last several years.” He went on to say, “Both correlation and beta have been extremely near to one to Bitcoin.”

The “bitcoin etf symbol” is a fund that allows investors to trade in Bitcoin futures. It is one of the top 2% of all ETFs for volume.

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