Bitcoin ETF Hits $1B In a Record-breaking Two Days


On the day it went live, the ProShares Bitcoin ETF fund broke the record for the highest-ever first-day organic volume. In just two days, theETF fund has topped $1 billion in assets.

This breaks the record that has been in place for 18 years. It becomes the fastest fund in history to hit one billion dollars in assets under management.

Dream Debut for Bitcoin ETF

The ProShares Bitcoin ETF made its trading debut this week after several weeks of anticipation. Only two days since it went live, the ticker BITO has already achieved several milestones. It is important to note that this ETF fund is the first of its kind featured by Bitcoin exchange-traded fund.

Eric Balchunas, Bloomberg’s senior ETF analyst, says the fund was the quickest in history to hit the ten-figure AUM only two days since its launch. Balchunas shared the breathtaking news on his Twitter page said BITO assets are set to break even more records. The speed at which the fund hit the one-billion mark was not only fast but also remarkable.

The gold-based ETF fund with the GLD ticker previously held the record. The platform set the record in 2004 where it took three days to hit the billion-dollar mark. The record has been in existence for over a decade now.

The ProShares Bitcoin ETF’s outstanding debut has been credited to the high demand even before its launch. With over 24 million shares traded since it went live, the platform has hit over $2 billion in volume. This smashed the previous record held by the GLD ticker.

Record-breaking First Day Volume

The ProShares ETF fund also broke another record when it hit $1 billion when it went live. This became the highest first day of the organic volume recorded in history. Updating his followers on Twitter, Balchunas said he had never seen anything like that. The record-breaking speed with which the ProShares Bitcoin ETF fund hit one billion dollars has never been experienced before. In fact, Balchunas believes ProShares is also shocked by the incredible performance!

Bitcoin ETFs

For some time now, Bitcoin ETFs have been a hot topic in the crypto industry. Many believe Bitcoin ETFs are much safer to hold than actually holding BTC. This notion received a significant boost when Gary Gensler shared the same thoughts. Being the chair of the Securities and Exchange Commission (SEC), Gensler’s opinion strengthened the notion that ETFs are the way to go. Fast forward; Bitcoin launched its first exchange-traded fund that has already broken several records.

According to Balchunas, another launch could be imminent as more people embrace ETFs. He believes that the ProShares Bitcoin ETF fund will likely change the crypt industry as it is safer to hold than the actual Bitcoin.

Those interested in buying Bitcoin could soon start trading with ETFs rather than Bitcoin. While some quarters remain pessimistic about ETFs, the record-breaking performance by the ProShares Bitcoin fund could be a sign that everybody is on board.