To add another step to the gold versus bitcoin argument for investors, the ProShares Bitcoin strategy AND F (BITO) managed to surpass the previously held record for the shortest amount of time for a AND F to reach $ 1 billion in assets under management, passing the milestone on its second day of trading.
BITO broke the previous record holder, the SPDR Gold stocks AND F (GLD ), which reached $ 1 billion in AT M naturally in three days, a record he held for 18 years. Today in commerce, BITO officially reached $ 1.1 billion AT M without seeds, ProShares confirmed AND F Tendencies.
“The early success of BITO shows the allure for investors to gain exposure to bitcoin in their brokerage account, with the same convenience with which they can buy stocks and without having to go through the hassle and learning curve of creating a separate account for cryptocurrencies, ”said Michael Sapir, ProShares CEO.
Trading volume has grown from 24 million shares, equivalent to just under $ 1 billion in volume at yesterday’s close, to $ 1.2 billion in volume at today’s close at course of a strong trading day for bitcoin futures. AND F, one who has seen over 29 million shares trade hands today.
“The bitcoin market has matured to the point where the CMF The bitcoin futures market is actually the primary source of price discovery across the bitcoin world, ”said Matt Hougan, DSI of Bitwise Asset Management, in an interview with CNBC Monday. “Prices are changing CMF market before moving to Coinbase, Kraken, FTX. “
Today, the price of bitcoin has also reached new all-time highs, nearly $ 67,000.
Yesterday, BITO had over $ 1 billion in natural trades, which are core trades among individual investors that do not contain any giant creations that would increase volume in huge allotments.
“I would expect its performance to reflect the first month’s futures well, and the futures contango to remain relatively contained, because it’s so easy to arbitrate the difference between bitcoin and this first month’s contract. months, “explained Dave Nadig, DSI and research director at AND F Tendencies. ” The warning ? It’s still a brand new fund, and if it continued to gain assets quickly, it could potentially hit position limits, which would impact its ability to call as well as it did until. now.
November will see position limits for bitcoin futures doubling; they were previously at 2,000, but doubled to 4,000 by the Chicago Mercantile Exchange. The existing limit is something that BITO could very quickly collide.
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