The first BTC futures ETF traded nearly $ 1 billion in a single day, breaking trading records for every ETF launch, so let’s find out more about it in today’s bitcoin news.

The first BTC futures ETF launched yesterday, and avid investors traded $ 280 million in stocks in about 20 minutes. By the time the stock market closed, shares worth about $ 1 billion had changed hands. The ProShares Bitcoin Strategic ETF starts trading on the New York Stock Exchange today under the ticker BITO and has received US Securities and Exchange Commission approval for investors looking for more exposure to futures on the BTC price, which are each up $ 42 and were up 5.4% from their original net worth of $ 40, the shares closed at $ 41.94, gaining 4.85%.

It looks like the final total will be roughly $ 990 million in transactions for $ BITO on the first day of trading. https://t.co/KCoqOtRKV0

– James Seyffart (@JSeyff) October 19, 2021

Analysts say the absolute trading volume was record-breaking, but didn’t end up hitting the $ 1 billion mark, with figures showing that it traded $ 994 million. Only one ETF in US history hit $ 1 billion on day one and was BlackRock’s readiness to convert carbon in April. ETF analyst James Seyfarrt said:

“That was not to be expected. We believe it will be a great success, we think it will be a success. I think if it is $ 250 million on the first day it will be a success. It did it in just 30 minutes. “

ETFs have given more institutional and retail investors access to BTC without having to buy and store BTC themselves, and can make it more difficult for investors. There’s a catch, however, and this particular ETF is a futures fund, and it means investors buy and sell stocks, which are contracts that bet on the price of BTC. A spot-based product is desirable as there is a long list of well-known companies waiting for approval of a Bitcoin ETF that is properly pegged to the cryptocurrency price. The SEC was very slow to approve a real Bitcoin ETF and raised concerns about market manipulation in cryptocurrencies.

SEC Chairman Gary Gensler hinted in August that the SEC would be inclined to approve an ETF that replicates Bitcoin futures and that futures markets are regulated by the CFTC. While Bitcoin ETFs give investors exposure to the nonexistent cryptocurrency spot market in the US, they are extremely successful in Canada.

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