Massive Retail Demand for First Bitcoin Futures ETF Made its Debut As the 2nd Highest Traded Fund In History

Proshares Bitcoin Strategy ETF (BITO) was also the second most traded stock on Fidelity. Options on BITO will begin trading on Wednesday, just as the Valkyrie Bitcoin Futures ETF (BTFD) makes its debut.


Proshares Bitcoin Strategy ETF made its trading debut by seeing more than $1 billion worth of shares changing hands. This made BITO the second most traded ETF after a BlackRock carbon fund for its first day of trading.

On Tuesday, the crypto market saw the first Bitcoin-linked ETF, BITO, launching in the US that rose about 5% to $41.94.

This sent the price of Bitcoin to $64,500, up 117% YTD. As of writing, BTC/USD is trading around $64k.

Options on BITO will also begin trading on Wednesday on the NYSE Arca and NYSE American Options exchanges. Additionally, the Valkyrie Bitcoin Futures ETF is all set to debut today with its memorable ticker BTFD.

The Bitcoin Futures ETF saw massive demand with more than $250 million recorded in trading volume in just the first 15 minutes and half a million dollars in an hour and a half.

More than 24 million BITO shares changed hands on Tuesday, as per Bloomberg data.

Those looking to trade ProShares Bitcoin Strategy ETF outside of regular US market hours can also do so on Blue Ocean.

On Fidelity, it was the second most traded stock as customers placed 10,104 buy orders and 71,266 sell orders for BITO on its commission-free brokerage platform, said the investment giant.

With very few block trades in BITO, it suggests smaller investors and high-frequency trading firms dominated trading, said Dave Nadig, chief investment officer and director of research at ETF Trends.

“I think what we saw today was retail, HFT algo trading trying to find the arbitrage, and a whole lot of institutions sitting on the sidelines and watching.”

Bitcoin has started October on a bullish note, already up more than 46% in the month so far and crushing all the other crypto and, of course, macro indexes.

While ETH is up 28.5% in October, S&P 500 advanced less than 5% and gold only 2.26%. ETH 1.05% Ethereum / USD ETHUSD $ 4,433.32
$46.551.05%
Volume 20.06 b Change $46.55 Open $4,433.32 Circulating 118.66 m Market Cap 526.04 b
1 h Bitcoin Acting Like A Risk Asset, Struggling with Rising Macro Uncertainty 18 h Over 4.4 Billion Added in Total Stablecoin Supply in the First Week of December 23 h Solana Unaffected by Price Jitters while Bitcoin, Ether, Polkadot, and Cardano Post Outflows

It is clear that this is the season of Bitcoin, with total open interest surging to $25.18 billion, up 70.5% this month.

On CME, OI continues to hit new all-time highs, the latest being $4.78 billion, up from just $1.47 billion on Sept. 29, according to Skew.

CME’s OI is now the second-highest after Binance’s $5.66 bln and before FTX’s $4.27 bln.

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