{"id":474188,"date":"2021-10-20T10:44:40","date_gmt":"2021-10-20T10:44:40","guid":{"rendered":"https:\/\/wncen.com\/?p=474188"},"modified":"2024-06-11T13:59:38","modified_gmt":"2024-06-11T13:59:38","slug":"bitcoin-futures-etf-1-billion","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-futures-etf-1-billion\/","title":{"rendered":"Bitcoin Futures ETF Exceeds Expectations, Trades $1 Billion On Day One"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The numbers are in, and the Bitcoin Futures ETF had the biggest debut of the year. By far. We have to <\/span><i><span style=\"font-weight: 400\">\u201cexclude ETFs where their Day One volume was literally one pre-planned giant investor or BYOA<\/span><\/i><span style=\"font-weight: 400\">,\u201d but that\u2019s fair. Apparently, the ProShares Bitcoin Strategy ETF got to the top naturally, via real trades by real people and institutions. Considering that just its approval by the SEC seemed to catapult Bitcoin\u2019s price to the edge of an All-Time High, a question arises. How will the market react tomorrow? And the day after that?<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-etf-check-whats-next-for-btc\/\">Bitcoin ETF Check, What\u2019s Next For BTC<\/a><\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400\">But let\u2019s avoid speculation and check Senior ETF Analyst for Bloomberg, Eric Balchunas\u2019 charts:<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">If we don&#39;t exclude ETFs where their Day One volume was literally one pre-planned giant investor or BYOA (not natural), it still ranks #2 overall. Here&#39;s that list. The reason some of these shouldn&#39;t be included IMO is they don&#39;t really represent grassroots interest. <a href=\"https:\/\/t.co\/wmZiHnpFrS\" rel=\"nofollow\">pic.twitter.com\/wmZiHnpFrS<\/a><\/p>\n<p>&mdash; Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/77911050?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 19, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">Considering the first-ever Bitcoin Futures ETF \u201c<\/span><i><span style=\"font-weight: 400\">also traded more than 99.5% of all ETFs,<\/span><\/i><span style=\"font-weight: 400\">\u201d it\u2019s fair to say the launch was a huge success. What does it mean for the following ETFs? According <\/span><a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/60830977\" rel=\"nofollow\"><span style=\"font-weight: 400\">to Balchunas<\/span><\/a><span style=\"font-weight: 400\">, it\u2019ll be hard for them to succeed. \u201c<\/span><i><span style=\"font-weight: 400\">Every day counts because once an ETF gets knows as &#8216;the one&#8217; and has tons of liquidity, it&#8217;s virtually imposs to steal.<\/span><\/i><span style=\"font-weight: 400\">\u201d And, what does this mean for the market in general? NewsBTC <\/span><a href=\"https:\/\/wncen.com\/etoro\/etf-approval-drives-bitcoin-towards-all-time-high-at-65k-crypto-weekly-roundup-october-18-2021\/\"><span style=\"font-weight: 400\">already covered this question<\/span><\/a><span style=\"font-weight: 400\">:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cAlthough these ETFs have <\/span><a href=\"https:\/\/twitter.com\/CaitlinLong_\/status\/26831105\" rel=\"nofollow\"><span style=\"font-weight: 400\">attracted criticism<\/span><\/a><span style=\"font-weight: 400\"> for being backed by futures contracts and not the underlying asset, they could still have big implications for Bitcoin \u2014 allowing tax-sheltered and retirement accounts to easily get exposure, and potentially opening the cryptoasset to a much broader audience.\u201d<\/span><\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The NYSE welcomes <a href=\"https:\/\/twitter.com\/ProSharesETF?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@ProSharesETF<\/a> in celebration of the first U.S. Bitcoin-Linked ETF <a href=\"https:\/\/twitter.com\/search?q=%24BITO&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BITO<\/a> <a href=\"https:\/\/t.co\/0qh0NDS2d4\" rel=\"nofollow\">https:\/\/t.co\/0qh0NDS2d4<\/a><\/p>\n<p>&mdash; NYSE \ud83c\udfdb (@NYSE) <a href=\"https:\/\/twitter.com\/NYSE\/status\/08717570?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 19, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span style=\"font-weight: 400\">Why Is There A Bitcoin Futures ETF Instead Of A Bitcoin ETF?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Who better to answer this question than the SEC\u2019s chairman himself, Gary Gensler <\/span><a href=\"https:\/\/www.cnbc.com\/2021\/10\/19\/first-bitcoin-futures-etf-rises-2percent-in-trading-debut.html\" rel=\"nofollow\"><span style=\"font-weight: 400\">told CNBC<\/span><\/a><span style=\"font-weight: 400\">:\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cWhat you have here is a product that\u2019s been overseen for four years by the U.S. federal regulator CFTC, and that\u2019s being wrapped inside of something within our jurisdiction called the Investment Company Act of 1940, so we have some ability to bring it inside of investor protection.\u201d\u00a0<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">So, the Bitcoin Futures ETF falls under the Commodity Futures Trading Commission jurisdiction. Plus, it tracks the Chicago Mercantile Exchange (CME) Bitcoin futures. And the SEC considers that the institutional support will protect the customer. According to them, the underlying asset, Bitcoin, is too volatile and subject to manipulation.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The first persons to propose a Bitcoin ETF in the USA, the Winklevoss twins, lament that when they did the price of Bitcoin was $68 and nowadays is $64K. \u201c<\/span><i><span style=\"font-weight: 400\">That&#8217;s almost a 1000x return in the meantime. I&#8217;m glad we got here, but it has taken too long.<\/span><\/i><span style=\"font-weight: 400\">\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">When <a href=\"https:\/\/twitter.com\/cameron?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@cameron<\/a> and I first proposed a bitcoin ETF in July 2013, the price of bitcoin was $68.<\/p>\n<p>Today, upon the launch of two bitcoin futures ETFs, the price of bitcoin is $64,000.<\/p>\n<p>That&#39;s almost a 1000x return in the meantime. I&#39;m glad we got here, but it has taken too long.<\/p>\n<p>&mdash; Tyler Winklevoss (@tyler) <a href=\"https:\/\/twitter.com\/tyler\/status\/87609096?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 19, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">Also a skeptic of the Bitcoin Futures ETF\u2018s long term potential, Anthony Bertolino, VP of growth at iTrustCapital, told CNBC:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cThe launch of the first bitcoin-linked ETF in the U.S. will bolster the broader crypto market and help an entirely new investor class experience the benefits of bitcoin as a legitimate asset. However, a derivatives-based bitcoin ETF is not where we want to be long-term.\u201d<\/span><\/p><\/blockquote>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-474191 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/BTCUSD_2021-10-20_07-26-33.png?resize=460%2C257\" alt=\"BTCUSD price chart for 10\/20\/2021 - TradingView\" width=\"460\" height=\"257\"><\/p>\n<pre style=\"text-align: center\">BTC price chart for 10\/20\/2021 on Forexcom | Source: BTC\/USD on <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<h2><span style=\"font-weight: 400\">What Are The ProShares Bitcoin Strategy ETF\u2019s Characteristics?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The next few days will be crucial for this story. There\u2019s a possibility that today\u2019s demand was orchestrated, at least in part. If this happened, it\u2019ll be very obvious in the following days. In any case, <\/span><a href=\"https:\/\/www.proshares.com\/funds\/bito.html\" rel=\"nofollow\"><span style=\"font-weight: 400\">the fund\u2019s official site<\/span><\/a><span style=\"font-weight: 400\"> defines the first Bitcoin Futures ETF as:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cProShares Bitcoin Strategy ETF (BITO) is the first U.S. bitcoin-linked ETF offering investors an opportunity to gain exposure to bitcoin returns in a convenient, liquid and transparent way. The Fund seeks to provide capital appreciation primarily through managed exposure to bitcoin futures contracts.\u201d<\/span><\/p><\/blockquote>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/news\/bitcoin\/grayscale-set-to-file-for-bitcoin-spot-etf\/\">Grayscale Investments Set to File for Bitcoin Spot ETF as Competition Heats Up<\/a><\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400\">And alerts the clients that \u201c<\/span><i><span style=\"font-weight: 400\">The fund does not invest directly in bitcoin<\/span><\/i><span style=\"font-weight: 400\">,\u201d and that \u201c<\/span><i><span style=\"font-weight: 400\">The price and performance of bitcoin futures should be expected to differ from the current \u201cspot\u201d price of bitcoin<\/span><\/i><span style=\"font-weight: 400\">.\u201d Forewarned is forearmed.<\/span><\/p>\n<pre style=\"text-align: center\">Featured Image: Screenshot of the ETF's <a href=\"https:\/\/twitter.com\/NYSE\/status\/08717570\" rel=\"nofollow\">opening bell ceremony<\/a>| Charts by <a href=\"https:\/\/www.tradingview.com\/\" rel=\"nofollow\">TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>The numbers are in, and the Bitcoin Futures ETF had the biggest debut of the year. By far. We have to \u201cexclude ETFs where their Day One volume was literally one pre-planned giant investor or BYOA,\u201d but that\u2019s fair. Apparently, the ProShares Bitcoin Strategy ETF got to the top naturally, via real trades by real people and institutions. Considering that just its approval by the SEC seemed to catapult Bitcoin\u2019s price to the edge of an All-Time High, a question arises. How will the market react tomorrow? And the day after that? Related Reading | Bitcoin ETF Check, What\u2019s Next For BTC But let\u2019s avoid speculation and check Senior ETF Analyst for Bloomberg, Eric Balchunas\u2019 charts: If we don&#39;t exclude ETFs where their Day One volume was literally one pre-planned giant investor or BYOA (not natural), it still ranks #2 overall. Here&#39;s that list. The reason some of these shouldn&#39;t be included IMO is they don&#39;t really represent grassroots interest. pic.twitter.com\/wmZiHnpFrS &mdash; Eric Balchunas (@EricBalchunas) October 19, 2021 Considering the first-ever Bitcoin Futures ETF \u201calso traded more than 99.5% of all ETFs,\u201d it\u2019s fair to say the launch was a huge success. What does it mean for the following ETFs? According to Balchunas, it\u2019ll be hard for them to succeed. \u201cEvery day counts because once an ETF gets knows as &#8216;the one&#8217; and has tons of liquidity, it&#8217;s virtually imposs to steal.\u201d And, what does this mean for the market in general? NewsBTC already covered this question: \u201cAlthough these ETFs have attracted criticism for being backed by futures contracts and not the underlying asset, they could still have big implications for Bitcoin \u2014 allowing tax-sheltered and retirement accounts to easily get exposure, and potentially opening the cryptoasset to a much broader audience.\u201d The NYSE welcomes @ProSharesETF in celebration of the first U.S. Bitcoin-Linked ETF $BITO https:\/\/t.co\/0qh0NDS2d4 &mdash; NYSE \ud83c\udfdb (@NYSE) October 19, 2021 Why Is There A Bitcoin Futures ETF Instead Of A Bitcoin ETF? Who better to answer this question than the SEC\u2019s chairman himself, Gary Gensler told CNBC:\u00a0 \u201cWhat you have here is a product that\u2019s been overseen for four years by the U.S. federal regulator CFTC, and that\u2019s being wrapped inside of something within our jurisdiction called the Investment Company Act of 1940, so we have some ability to bring it inside of investor protection.\u201d\u00a0 So, the Bitcoin Futures ETF falls under the Commodity Futures Trading Commission jurisdiction. Plus, it tracks the Chicago Mercantile Exchange (CME) Bitcoin futures. And the SEC considers that the institutional support will protect the customer. According to them, the underlying asset, Bitcoin, is too volatile and subject to manipulation. The first persons to propose a Bitcoin ETF in the USA, the Winklevoss twins, lament that when they did the price of Bitcoin was $68 and nowadays is $64K. \u201cThat&#8217;s almost a 1000x return in the meantime. I&#8217;m glad we got here, but it has taken too long.\u201d When @cameron and I first proposed a bitcoin ETF in July 2013, the price of bitcoin was $68. Today, upon the launch of two bitcoin futures ETFs, the price of bitcoin is $64,000. That&#39;s almost a 1000x return in the meantime. I&#39;m glad we got here, but it has taken too long. &mdash; Tyler Winklevoss (@tyler) October 19, 2021 Also a skeptic of the Bitcoin Futures ETF\u2018s long term potential, Anthony Bertolino, VP of growth at iTrustCapital, told CNBC: \u201cThe launch of the first bitcoin-linked ETF in the U.S. will bolster the broader crypto market and help an entirely new investor class experience the benefits of bitcoin as a legitimate asset. However, a derivatives-based bitcoin ETF is not where we want to be long-term.\u201d BTC price chart for 10\/20\/2021 on Forexcom | Source: BTC\/USD on TradingView.com What Are The ProShares Bitcoin Strategy ETF\u2019s Characteristics? The next few days will be crucial for this story. There\u2019s a possibility that today\u2019s demand was orchestrated, at least in part. If this happened, it\u2019ll be very obvious in the following days. In any case, the fund\u2019s official site defines the first Bitcoin Futures ETF as: \u201cProShares Bitcoin Strategy ETF (BITO) is the first U.S. bitcoin-linked ETF offering investors an opportunity to gain exposure to bitcoin returns in a convenient, liquid and transparent way. The Fund seeks to provide capital appreciation primarily through managed exposure to bitcoin futures contracts.\u201d Related Reading | Grayscale Investments Set to File for Bitcoin Spot ETF as Competition Heats Up And alerts the clients that \u201cThe fund does not invest directly in bitcoin,\u201d and that \u201cThe price and performance of bitcoin futures should be expected to differ from the current \u201cspot\u201d price of bitcoin.\u201d Forewarned is forearmed. Featured Image: Screenshot of the ETF&#8217;s opening bell ceremony| Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":474190,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,12040],"tags":[84503,532,84362,84366,12512,84505,84504,2124,14182,84502,84507,15857,84506,83747],"class_list":["post-474188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-derivatives","tag-anthony-bertolino","tag-bitcoin-etf","tag-bitcoin-futures-etf","tag-chicago-mercantile-exchange","tag-commodity-futures-trading-commission","tag-derivatives-based-bitcoin-etf","tag-eric-balchunas","tag-fund","tag-institutional-investment","tag-proshares-bitcoin-strategy-etf","tag-retirement-accounts","tag-sec-bitcoin-etf","tag-tax-shelters","tag-the-winklevoss-twins"],"acf":[],"yoast_head":"\n<title>Bitcoin Futures ETF Exceeds Expectations, Trades $1 Billion On Day One<\/title>\n<meta name=\"description\" content=\"The numbers are in, and the Bitcoin Futures ETF had the biggest debut of the year. 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