On October 19, the first exchange-traded investment fund (ETF) for Bitcoin futures was launched in the history of the United States. Applications for such instruments have been received by the regulator since 2013, but only now the SEC has allowed large investment capital to access them. Trading is conducted on the New York Stock Exchange, and the debut in daily trading volume was the second in the history of the United States.
The company ProShares was honored to launch the first ETF for a cryptocurrency instrument. The daily trading volume on the first day reached $1 billion, which puts its ETF in second place after the “low-carbon fund” from giant BlackRock (NYSE:BLK).
If we talk about the strength of interest, then on the first day of trading, the fund increased from the initial $20 million to $570 million, and the value of shares increased by 5%. According to Michael Sapir, CEO of ProShares, the increased interest in the fund is associated with the opportunity to invest in Bitcoin for those who have a brokerage account for trading stock instruments and who are afraid of difficulties with creating a cryptocurrency wallet.
The news about the creation of the first ETF for a cryptocurrency asset in the United States came before the Bitcoin test of the historical maximum (ATN).
This increases the probability of a breakthrough of a significant level of $ 65 thousand
However, with the achievement of the ATN price, the pressure of sellers who invested in cryptocurrency during the correction and want to partially fix the profit increases. According to metrics from the Glassnode agency, after accumulating Bitcoin on wallets over the past four months, the influx of coins to cryptocurrency exchanges is now being recorded again. This will briefly restrain the bulls and may cause a short-term correction, but the influx of investment capital will lead the price to new historical records.
ProShares is far from the only company on the list of applications for SEC approval. Already this week, an ETF for Bitcoin futures from Valkyrie will appear. But the main expectation of the crypto community is still related to the ETF’s permission for spot Bitcoin – the regulator has over 50 such applications. This week, their approval has come a step closer.
