Bitcoin Futures ETF is Live, Generates Around $500M Volume in Its First Hour of Trading

The moment plenty of people in the cryptocurrency community have been waiting for quite some time is finally here. The ProShares Bitcoin Strategy ETF is live, trading on the New York Stock Exchange.

  • The moment many have been waiting for is here and the ProShares Bitcoin Strategy futures-backed ETF, ticked BITO, is now live and trading on the New York Stock Exchange (NYSE).
  • Data shows that the daily range is between $40.07 as a bottom and $42.1499 as a top, where the ETF currently trades at around $41.22.
  • More interestingly, in just an hour after being launched, the ETF has generated a trading volume of around 11.6 million shares.
  • This means that, in dollar value, the volume is already around $500 million.
  • For comparison, the Vanguard S&P 500 ETF (VOO), which is one of the most popular ETFs, saw around 883,000 shares traded in the same period of time, worth $411 each (at the time of this writing. This translates to roughly around $360 million.
  • It’s also worth noting that BITO is a futures-backed ETF and not a spot-based one, which is a considerable difference.
  • Still, it’s a major milestone in the cryptocurrency industry and one that legitimizes Bitcoin as an investment vehicle across the entire traditional market.
  • As CryptoPotato reported, it’s important to remain vigilant as volatility is to be expected in the coming hours or maybe days, given the significance of the event.