Proshares Bitcoin futures funds in top 2% of all volume ETFs

BTIO is growing steadily with $1.4 billion inflows since October. However, one expert believes that VanEck’s Bitcoin spot ETF has a 200-1 shot of being approved by SEC.
Proshares’ Bitcoin futures ETF (ETF) was launched on Oct. 19. It has been a popular choice among traders and rose to the top 2% in terms of total trading volume. Eric Balchunas, Bloomberg’s Senior ETF Analyst, noted that the ProShares Bitcoin Strategy ETF was worth $400 million and that its average volume consistently places it among the top 2% of all ETFs. $BITO and $BTF had their highest volume days in approximately two weeks. $BITO traded $400m, which is a lot and also = 25% turnover in a single day. This indicates its use as a trading tool.– Eric Balchunas (@EricBalchunas) November 10, 2021

Over the past nine days, BITO has received approximately $112.79 million in combined inflows. This figure is still a small one compared to the $567.16 million inflows and $489.51million inflows, but Baluchunas said that this kind of consistent flow-age for a newly launched ETF is rare. BITO was launched on the New York Stock Exchange (NYSX) on Oct. 19. It has since accumulated more assets under management (AUM) of over $1.4 billion. Despite the fact that the fund is still popular, the current price of BITO is $42.3. This is slightly lower than its initial listing price of $43.2.g. Balchunas suggested that options volume might be the driving force behind BITO at this stage. Balchunas suggested that VanEck’s spot ETF, which tracks the spot price of Bitcoin, would be rejected by the U.S Securities and Exchange Commission (SEC), on the Nov. 14 deadline. There is little chance of an ETF tracking Bitcoin tracking the spot price being approved in this time. According to the analyst, the odds of approval were 200-1. The SEC still has 100 hours to approve or deny VanEck spot Bitcoin ETF approval. (My guess is that they drop it Friday after mkt close, but who knows). While our odds of approval are a bleak 200-1 the denial statement could offer some clues as to when it could happen @JSeyff– Eric Balchunas (@EricBalchunas) November 10, 2021

Related: BREAKING NEWS: BlockFi files for physically-backed Bitcoin ETFO. On Nov. 10, ProShares investment strategist Leks Gelak told U.S. News & World Report, “There is no one reference price for Bitcoin. The trading price of Bitcoin varies between exchanges, often between 1% and 2% and sometimes between 4% and 5%.” Expert research has shown that the Bitcoin futures market dominates price discovery. He said that correlation and beta are very similar to Bitcoin.”

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