Word’s first bitcoin futures exchange-trade fund (ETF) ProShares Bitcoin Strategy ETF (BITO) started off its first trading day as the second-most heavily traded fund on record.
BITO rose as much as 4.9% to $41.94 on it debut and hauled in some $570 million of assets. The fund saw about $1 billion of trading volume according to the ProShares.
Enthusiasm was largely by retail investors with only few block trades by institutional investors. This clearly reflects how some retail investors were waiting for a simple access vehicle into the crypto space.
Bitcoin accordingly reflected the enthusiasm with a bullish run to $64,121. As reported by Coindesk, Matt Hugan,chief investment officer of Bitwise Asset Management said, “suggests there is a large amount of capital that is still excluded from the crypto market simply because it’s hard to access; that will change over time, and that capital will enter the market,”. Hougan added, “that’s a pretty bullish signal for the long term.”
The first of its kind ETF with exposure to bitcoin futures traded on the Chicago Mercantile Exchange was approved by the U.S. Securities Exchange Commission (SEC) on Friday under the mutual fund rules which provides significant investor protection, according to Gary Gensler, SEC chairman.