Exchange Traded Funds are now the hottest investment vehicle. The launch of two bitcoin ETFs by Proshares in late 2018 has made cryptocurrency accessible to a much broader audience than ever before, including long-term investors and risk takers alike.

The “proshares bitcoin strategy etf” is a cryptocurrency ETF that has been the top 2% of all ETFs in terms of volume. Proshares Bitcoin Strategy was launched on December 12, 2017, and it currently has a market cap of $1.3 billion. The fund’s objective is to track the performance of bitcoins with an emphasis on price appreciation.

Eric Balchunas, a senior ETF analyst at Bloomberg, rushed to Twitter to give some stats on the ETF market, claiming that the new Proshares Bitcoin ETF has moved $400 million worth of shares just yesterday.

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)

Proshares Bitcoin ETF has maintained a sustained trading momentum since its inception and has positioned itself among the top 2% of all ETFs.

Proshares Bitcoin ETF logistics in the past

In the last nine days, BITO has seen a $112.79 million increase in trade volume. Despite the fact that the latest data do not equal the ETF’s eye-catching debut trading figure ($567.16 million), Balchunas claims that “this type of steady flow is quite uncommon” for a freshly established ETF.

For a fresh launch, the options volume on $BITO today was MASSIVE. It’s also been rapidly expanding, as seen by the avgs. To put things in perspective, it’s already seeing nearly half of the amount of choices as $GLD (which is stud level).

November 10, 2021 — Eric Balchunas (@EricBalchunas)

BITO was established on October 19 on New York Stock Exchange, and since then has acquired around $1.4 billion worth of assets under management (AUM) (AUM).

Despite its current price of $42.3, which is somewhat lower than its original debut price ($43.2), BITO has successfully amassed significant assets, with investors continuing to invest in the newly established ETF.

According to Bloomberg, the popularity of the Proshares Bitcoin ETF is already approaching a limit set by the Chicago Mercantile Exchange on the amount of futures contracts that may be traded.

Proshares Bitcoin ETF (BITO) has accumulated 1900 futures contracts for October after two days of trading, whereas the average amount of contracts each company may possess is roughly 2000.

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)

Meanwhile, Balchunas has stated his reservations about the VanEck Spot ETF, which is awaiting clearance from the Securities and Exchange Commission in the United States.

Balchunas thinks that the new VanEck ETF that follows spot prices will not be authorized by the SEC, and estimates that the odds of it being approved are as low as 200-1.

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The “bitcoin etf (ticker)” is one of the top 2% of all ETFs in terms of volume. It has been around since 2013 and was created by Proshares Trust Company.

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