Bitcoin futures ETF hits $1B AUM in two days

After the ProShares Bitcoin Strategy began trading this week, ETF has become the fastest fund that reached $1 billion in AUM (assets under management).

The highly anticipated launch of ETF – the first Bitcoin futures BITO in the United States has achieved several milestone accomplishments.

Eric Balchunas, Bloomberg senior ETF analyst, reported that this fund turned out to be the quickest ever to reach $1B AUM after two days of trading. In fact, BITO easily surpassed a gold-based fund with the ticker GLD, the previous record-holder. In 2004, it took around three days to beat the billion-dollar mark.

Comments on the situation

Eric Balchunas said that he had never seen anything like this, adding that the ProShares might even be shocked. He exclaimed while retweeting a post by James Seyffart, Bloomberg Intelligence research analyst, who updated the original chart.

Balchunas commented that if this volume continues, there might not be any contracts left to purchase. He referred to a post by Nate Geraci, the ETF Store President, saying that approximately 46% of BITO exposure is in futures contracts (November). 

On Tuesday, the ProShares fund hit $1 billion and broke the record for the highest first day of organic volume after it launched. During its debut day, over 24 million shares were traded. It has now traded over $2 billion in volume since the ETF went live.

According to Balchunas’s prediction, there will be the next Bitcoin futures fund launch on Friday. This might be the Valkyrie Bitcoin Strategy ETF, replacing its ticker with BTF. In crypto groups, the previous ticker BTFD also pointed to buying the dip, which in his opinion might not go well with the U.S. Securities and Exchange Commission.

Lastly, According to CoinGecko, the momentum affected Bitcoin prices on Wednesday, which went to a new all-time high of $67,278. Currently, the asset retreated lightly to change hands nearby the $65,232 mark.