BITO ETF Debuts On The NYSE With The Biggest First Day Trading Volume Ever

The much-awaited Bitcoin Futures Exchange Traded Fund (ETF) made its debut on the New York Stock Exchange with the highest first-day "natural" trading volume. At a little over $1 billion, 'BITO' was the second-most heavily traded ETF after the Blackrock US Carbon Transition Readiness ETF which traded $1.16 billion in one day.

Bloomberg analyst Eric Balchunas said in a tweet that the BITO ETF stands at the top due to its "natural" trading volume. He said the BITO ETF’s trading volume wasn’t pre-planned by big shots in the industry.

Investors are crazy about the BITO ETF

With dozens of filings for the Bitcoin futures ETF, the approval of ProShares ETF was celebrated through a bell-ringing ceremony. It was a big event for the entire crypto industry as top shots stated the reason for their support of the BITO ETF.

Polysign CEO Jack McDonald told Forbes, "I think a Bitcoin ETF will generate more demand for Bitcoin than not having one because it solves a lot of regulatory issues that many investors seek clarity on."

How big will the BITO ETF become?

With over $570 million inflow, market analysts like Matt Hougan compared the performance of the BITO ETF to the likes of gold, silver, crude oil and other commodities ETFs.

What follows is the fight over the dominance of the Bitcoin ETF marketplace. According to Balchunas, it is possible for the Valkyrie Bitcoin futures ETF to be launched next. But this would mean that the market will get tougher from now on as the early-bird advantage is gone.

If other ETFs come in late, BITO might take in all of the institutional investments.