First US Bitcoin ETF launches

Team Luno
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  • The first Bitcoin ETF listed on the New York Stock Exchange was ProShares’ Bitcoin Strategy ETF. Backed by bitcoin futures, the ETF raked in roughly $520 million on its opening day. The fund also saw about $1 billion of trading volume.
  • Dave Nadig, chief investment officer and director of research of ETF Trends, said that most of the trading volume likely came from retail investors, as there were only a handful of large “block” trades that are typical of big institutional players.
  • “This is probably going to be what we all expected, which is it’s an access vehicle for certain players in the marketplace,” said Nadig.
  • Soon after the launch, the price of Bitcoin broke its previous all-time high of $64,804 set in April this year, peaking at $66,974 on 20 October.

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On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @LunoGlobal.

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