The first Bitcoin ETF to fuel the BTC price
Industry News
On October 19, the US crypto community celebrated the industry-changing event – shares of the first Bitcoin ETF appeared on the New York Stock Exchange.
SEC has finally cracked the ice between traditional finances and the crypto industry, allowing the first US-based Bitcoin ETF to enter the market. ProShares is the lucky one, while all other applications to run the Bitcoin ETF sent by ARK Investment, Fidelity, VanEck, and other companies are postponed.
The first US Bitcoin ETF is based on Bitcoin futures available on CME Group. Shares of the newly created fund get the ticker BITO on the NYSE.
What does it mean for the industry as a whole? First and foremost, institutional investors have received a legal opportunity to enter the national crypto market through the fund’s shares. According to experts, a huge inflow of US Bitcoin investors is expected. Furthermore, the news may impact the crypto industry in general, as the Securities and Exchange Commission has the strictest requirements. Since this regulator has granted the pass for the crypto-related ETF fund, the market would allegedly have come out of the shadows in the next few years.
According to trading volumes, the ProShares Bitcoin Strategy ETF performed the second-best start among newly launched funds with $993 million of the opening day turnover. Blackrock US Carbon Transition Readiness ETF holds the first position with $1.16 billion.
The Bitcoin price has jumped from $59 470 to $64 423 within 24 hours, being exceptionally close to its new all-time high. The record was set on April 14 ($64 863). The crypto experts predict a new ATH to be reached soon.
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