Categories: Market

Valkyrie’s Bitcoin ETF fell over 4% on day one, while ProShares’ BITO fell 3.5%

Valkyrie‘s Bitcoin Futures ETF was officially launched on Friday (October 22nd) on the Nasdaq under the ticker symbol BTF. BTF started trading at $ 25, then a daily high of $ 25.6, and then fell to just above $ 24 by the end of the session. Bloomberg Intelligence Senior ETF Analyst Eric Balchunas has tweet via the Valkyrie ETF after the first few minutes of trading.

“$ 10 million BTF traded healthy in the first five minutes, BITO (Bitcoin Strategy ETF from ProShares) traded at $ 30 million. If you are a BTF you have to be happy with this spillover, it will be hard to keep up. ”

Valkyrie’s Bitcoin Futures ETF (BFT) attempted to climb to $ 24.3 before closing

The BTF then lost value after Bitcoin’s spot market price fell. It hit an intraday low of $ 23.96 and then rose back above $ 24.

Proshares’ BITO also followed Bitcoin’s spot market price, falling to $ 39.39, down 3.5%. Bitcoin on the spot market has fallen from $ 63,735 to an intraday low of $ 59,954 and is currently trading at $ 60,879.

Bitcoin price chart | Source: Tradingview

Vaneck’s Bitcoin ETF is expected to hit the market next Monday

Bitcoin has tried to bounce back above the $ 60,000 average. A large number of Bitcoin enthusiasts enjoyed the launch of the Valkyrie Bitcoin Futures ETF after the Proshares ETF posted phenomenal performance last week.

Proshares Bitcoin Futures ETF (BITO) Price Chart | Source: Tradingview

With yesterday’s trading session closed, the crypto community expects Vaneck’s Bitcoin ETF to hit the market next Monday. After years of rejection by the US Securities and Exchange Commission (SEC), three Bitcoin-related ETFs hit Wall Street.

Bitcoin futures ETF from Proshares

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.