Yesterday was the official launch date for the first Bitcoin futures ETF in the USA.

It seems that the anticipation was not only for the sake of anticipation but also for the exposure of Bitcoin by the traders.

Agitated investors traded $280 million worth of stocks in just the first 20 minutes.

By the time the market closed on Tuesday, nearly $1 billion in shares had been traded.

The ProShares bitcoin futures ETF began trading today on the New York Stock Exchange under the name “BITO” after receiving approval from the US Securities and Exchange Commission on Friday.

Investors wanting exposure to the largest cryptocurrency were able to buy shares tied to the future price of bitcoin, which rose to $42.15 at one point, an increase of 5.4% over the initial NAV of $40.

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Shares eventually closed at $41.94, an increase of 4.85%.

Analysts told that the massive volume traded almost broke a new record, as although it did not reach the billion-dollar mark, it was very close.

Figures from Bloomberg show that $994 million was traded.

Only one ETF in the history of US ETFs reached $1 billion on its first day, thanks to an ETF called “BlackRock’s Carbon Transition Readiness” last April.

James Seifart, analyst atBloomberg“:

This was not expected.

We thought it would be a huge success.

I thought if 250 million dollars were traded on the first day, it would be successful.

But he did it in just the first 30 minutes.

As is well known, the Bitcoin futures ETF gives both institutional and individual investors access to Bitcoin, without having to buy and store Bitcoin themselves, which can be complicated for some investors.

However, there is a small problem, this type of ETF is a forward contract, which means that investors buy and sell stocks that represent contracts betting on the price of Bitcoin.

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A product based on the instantaneous movement of bitcoin is still in demand, as there is a long list of notable companies waiting to be approved for a bitcoin ETF linked directly to the price of the cryptocurrency.

Read:Learn about the largest companies that accept bitcoin as a method of payment

The Securities and Exchange Commission (SEC) has been slow to approve a real bitcoin ETF, citing concerns about market manipulation in cryptocurrencies.

However, the head of the SEC indicated in August that the Securities and Exchange Commission would be inclined to approve an ETF that tracks bitcoin futures, likely because the futures market is already regulated by the CFTC.

While Bitcoin ETFs that give investors exposure to the spot cryptocurrency market are not present in the US, they have had great success in Canada.

The bottom line is that the amazing performance of ETF Bitcoin futures shows the great thirst for Bitcoin from Wall Street investors.

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