It took the US Securities and Exchange Commission, the SEC, nearly 10 years to approve the country’s first Bitcoin ETF.
Since 2013, companies in the cryptoactive industry have been polling the SEC for approval of an investment product like the ETF to target big US investors.
However, once the SEC approved ProShares’ first Bitcoin ETF (BITO) it soon surpassed $1 billion. And five days later, his shares are almost all purchased.
The same happened with the second ETF approved by the SEC, the Valkyrie Funds (BTF). The fund was launched on Nasdaq this Friday (22).
The fund’s success also repeated BITO and traded $10 million in just the first 5 minutes. The ETF exclusively backs the value of the Chicago Mercantile Exchange (CME) BTC futures market.
“You have to be happy with the results of the BTF, although it’s difficult for him to keep up with BITO,” said Bloomberg analyst Eric Balchunas.
ETF
The analyst was referring to the fact that the ProShares product has an advantage due to its launch being the first in the US. In this way, the fund attracted the full attention of the market.
Balchunas believes the BTF has a lot of work to do. But, according to him, there are still chances for him to conquer the market, although BITO is the darling at the moment.
Since its launch, Bitcoin BITO has performed remarkably. Balchunas commented that if he maintains the entry fee, there will be no more futures to buy at the end of the month.
In addition, he pointed out that this first ETF is moving towards breaking the limit on the number of contracts allowed by the CME.
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