The Securities and Exchange Commission (SEC) hinted at approving futures-based Bitcoin exchange-traded funds last week. ProShares Strategy Bitcoin ETF ($BITO) was the first to get this approval and debuted trading this week.
The next Bitcoin futures ETF that expects to be approved soon is the Valkyrie ETF. According to Eric Balchunas, an ETF analyst at Bloomberg, the Valkyrie ETF will debut trading on October 22.
Valkyrie ETF approval
In a tweet, Balchunas stated, “I had said this was launching tomorrow, it’s actually going to be on Friday. Sorry about that.”
I had said this was launching tmrw it’s actually going to be on Friday. sorry about that. https://t.co/fqaGwjgscO
— Eric Balchunas (@EricBalchunas) October 20, 2021
Balchunas referred to an earlier tweet where he had predicted that the ETF would debut trading on Thursday. The analyst also noted that the SEC had called for Valkyrie to change the ticker name for the fund from $BTFD to $BTF.
The Valkyrie ETF approval was an expected development since ProShares Strategy Bitcoin ETF debuted on a US exchange. Besides Valkyrie, Invesco’s ETF approval deadline was also close and expected to be among the first funds to be traded in the US.
However, shortly before the ProShares ETF started trading, Invesco issued a statement stating that it was no longer pursuing a Bitcoin futures ETF. However, the firm stated that an ETF was still a part of its future plans.
$BITO ETF hits $1B trading volumes on debut
The ProShares ETF was a huge success, and it emerged as the second-largest most traded ETF on a single day. The fund saw $1 billion in trading volumes on the first day and hauled $570 million in assets on the same day.
The ETF opened trading at $40, and by the close of the stock market, it had increased by around 4.9% to reach $41.94. The performance of this ETF shows just how hungry investors are to get exposure to Bitcoin (BTC/USD).
The ETF’s performance has also created a strong bullish signal in the market. On October 20, Bitcoin hit an all-time high of around $67,000, according to data from CoinGecko. At the time of writing, Bitcoin is trading at around $64,700. The debut of Valkyrie’s ETF is expected to have an even greater impact on Bitcoin’s prices.
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