ProShares’ bitcoin futures exchange-traded fund (ETF) listed on the New York Stock Exchange today, and it was welcomed with explosive interest.
“It absolutely obliterated,” said James Seyffart of Bloomberg Intelligence.
At the time of writing, volumes for the so-called ProShares Bitcoin Strategy ETF (BITO) stood near $1 billion after its inaugural trading day. At last check, volumes stood at $999.473 million.
Many expected a massive launch, but Seyffart told the Block that the volumes blew away expectations. Bloomberg Intelligence was expecting the product to top the launch of the VanEck Social Sentiment ETF ($BUZZ), according to Seyffart. $BUZZ did more than $400 billion on its opening day, but ProShares’ $BITO traded nearly twice that.
Seyfartt said there were a few main takeaways from the launch outside the high demand for the product in the market. There weren’t many block trades, or large orders, he said, which suggests most of the action was dominated by retail.
“The thi
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