The first day of Bitcoin ETFs in the United States ended with about $ 1 billion

Market data show that ProShares (ETF) traded close to $ 1 billion on its first day of trading on the US Stock Exchange.

to the Report Decrypt, the first tradable fund on the US Bitcoin exchange, was launched yesterday, and enthusiastic investors traded $ 280 million worth of shares in the first 20 minutes. By the end of the day and the market closed, trading volume reached about $ 1 billion.

The first US Bitcoin EFT, called ProShares Bitcoin Strategy, began trading under the acronym “BITO” on the New York Stock Exchange yesterday, after being approved by the US Securities and Exchange Commission on Friday. Yesterday, traders who wanted to invest in Bitcoin were given the opportunity to buy and sell shares of the fund, which is based on the price of futures contracts. The value of Percussion Fund’s share initially rose 5.4 percent from $ 40 to $ 42.15, but eventually closed at $ 41.94 with daily growth of 4.85 percent.

Analysts have said that trading volume was on the verge of breaking records and although it did not reach $ 1 billion, it was able to approach this number. Data from the Bloomberg website show that the fund’s trading volume yesterday was $ 994 million. Only one EFT in US history managed to record a record $ 1 billion in trading volume on the first day, and that was BlackRock’s Carbon Transition Readiness Fund, which was released in April.

Bloomberg analyst James Seyfarrt said:

We did not expect such a thing. We thought it would be welcome. We thought it would be successful. I imagined if [حجم معاملات] Reaching $ 250 million on the first day would be successful, but it only happened in the first 30 minutes.

Institutional and retail investors will be able to access bitcoins through ETFs, without having to buy and hold bitcoins themselves. Buying and holding bitcoins can be difficult for some investors, and the ETF is an effective solution for them. Of course, there is still a small problem; Yesterday’s ETF is a futures ETF, meaning that investors are buying and selling stocks that represent bitcoin price forecasting contracts. Immediate ETF vacancies are still being felt, and there are many large companies waiting to be approved for their instant ETF licenses. An instant ETF is an exchange-traded fund that is directly backed by Bitcoin and its price depends on the instant price.

Also read: All about Bitcoin ETF in plain language

Concerns about market manipulation in digital currencies have prompted the US Securities and Exchange Commission to be cautious in approving bitcoin’s immediate or physical ETFs. Gary Gensler, chairman of the US Stock Exchange Commission, announced in August that the commission would be more willing to approve future bitcoin ETFs; Probably because the futures market is already regulated by the US Commodity Futures Trading Commission.

Although instant bitcoin ETFs have not yet been traded on the US stock market, they have been very successful in neighboring USA, Canada.

Whether or not it is backed by real bitcoins, the Wall Street ETF has shown that Wall Street investors are keen on bitcoin.