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ProShares’ Bitcoin futures ETF is blowing up on the market with the 2nd-biggest ETF launch of all time.

Eric Balchunas, a senior ETF analyst at Bloomberg, claims that the ProShares Bitcoin Strategy ETF (BITO) had greater than $993 million in overall trading volume on its first day of accessibility.

Balchunas says that total is by far the most successful first day for an ETF regarding natural volume. This leaves out ETFs requiring a predetermined prominent investor or launched by businesses that brought their own assets.

The expert clarifies,

“If we don’t exclude ETFs where their Day One volume was one pre-planned giant investor or bring your own assets (not natural), it still ranks #2 overall.

 

Here’s that list. The reason not to include some of these IMO is they don’t represent grassroots interest.”

Even when the list consists of non-natural volume initiated ETFs, the ProShares Bitcoin futures ETF had the 2nd-largest launch of all time, right behind the Blackrock U.S. Carbon Transition Readiness ETF.

BITO had already notched $440 million in trading volume in just an hour after launch, according to Balchunas.

ProShares’ fund doesn’t invest straight in Bitcoin, but it gives price exposure to BTC futures agreements, a first in the United States.

Bitcoin is currently trading at $64,075, up more than 11% in the past week, according to CoinGecko.

The biggest crypto asset hit its all-time high of $64,804 earlier this year in mid-April.

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