Proshares Bitcoin rises to the top 2% of all ETFs in terms of volume

Since its launch on October 19, Bitcoin ETF has been a popular choice among investors, emerging to the top 2% in terms of the total trading volume.

Proshares Bitcoin rises to the top 2% of all ETFs in terms of volume

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Bloomberg’s senior ETF analyst Eric Balchunas took to Twitter to draw statistics concerning the ETF market, stating that the new Proshares Bitcoin ETF had traded $400 million worth of shares yesterday alone.

With a constant surge in its popularity since its debut, Proshares Bitcoin ETF has maintained a consistent trading momentum and has positioned itself among the top 2% of all ETFs.

Past logistics concerning Proshares Bitcoin ETF

BITO has recorded roughly $112.79 million worth of trading influx in the past nine days. While the recent numbers do not match its striking debut trading figure ($567.16 million), Balchunas has nevertheless asserted that “this kind of consistent flow is highly rare” for a newly launched ETF.

BITO was launched on October 19 on New York Stock Exchange, and since then has accumulated approximately $1.4 billion worth of assets under management (AUM).

BITO has successfully accumulated considerable funds with investors continuing to invest in the newly launched ETF despite its current price sitting at $42.3 which is slightly below its initial debut price ($43.2).

As per Bloomberg, Proshares Bitcoin ETF’s popularity is already on its way to breaching a limit on the number of futures contracts that is permitted by the Chicago Mercantile Exchange.

After two days of trading, Proshares Bitcoin ETF (BITO) had managed to accumulate 1900 futures contracts for October, while the average number of contracts an entity can own is almost 2000.

In the meanwhile, Balchunas also expressed his concerns regarding the VanEck Spot ETF that is due for approval from the US Securities and Exchange Commission.

Balchunas believes that the new VanEck ETF that tracks the spot prices might not receive its pending approval from SEC and speculates that the chances of VanEck ETF getting approved are as low as 200-1.

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