Proshares Bitcoin Futures ETF breaks record with AUM 1 billion in two days

Since ProShares‘ Bitcoin Strategy ETF started trading this week, it has grown to be the fastest fund to hit the $ 1 billion mark in assets under management (AUM).

The highly anticipated launch of the first US-based Bitcoin Futures Exchange Traded Fund (ETF) with the BITO token has produced a number of significant successes.

Bloomberg ETF Senior Analyst Eric Balchunas reported that the fund was the fastest ever to hit a ten-digit AUM in just two trading days. BITO easily surpassed the previous record holder, a gold-based fund, with the ticker GLD, which in 2004 took three days to break the billion dollar mark.

Eric Balchunas commented that this was a “great thing” likely related to Bitcoin’s store of value and how it compares to digital gold.

https://twitter.com/EricBalchunas/status/1450930780289519619?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

“BITO’s net worth now exceeds $ 1.1 billion, making it the fastest ETF to hit $ 1 billion (2 days) and break GLD’s previous record of 18 years (3) which is a wonderful thing is.”

Balchunas also exclaimed, “I’ve never seen anything like it. I bet even ProShares is shocked, ”as he retweeted a post from Bloomberg Intelligence research analyst James Seyffart who updated the original chart.

Brothers comment that it could be “sold out” if trading volume continues to rise, and refers to a post by ETFStore President Nate Geraci who said that almost 45% of BITO’s value is now in futures contracts in November.

“If BITO continues to maintain its inflow rate, it will no longer have to buy futures contracts due to position limits at the end of the month.”

The ProShares Fund also broke a record for its highest organic first day volume ever, reaching $ 1 billion on October 19 inception day.

Balchunas has predicted that the next Bitcoin Futures ETF launch will take place on Friday. This could be the new Valkyrie Bitcoin Strategy ETF changing its ticker to BTF.

The momentum pushed Bitcoin price to a new all-time high (ATH) of $ 67,276 today (Oct. 21) and is currently falling slightly to $ 65,069 at press time.