The trading volume for ProShares' (BITO) Bitcoin futures-based exchange-traded fund (ETF) during its first day of trading on the New York Stock Exchange has climbed to 24.42 million shares, or nearly $1 billion, Bloomberg reports.
The only ETF to beat it was the BlackRock U.S. Carbon Transition Readiness ETF, launched by BlackRock, with $1.16 billion.
Bloomberg Intelligence analyst James Seiffarth said:
"This is an absolute explosion."
According to him, many were preparing for a lot of activity, however, the actual values have exceeded all expectations. For example, Bloomberg expected the Bitcoin ETF to at least equal the VanEck Social Sentiment ETF ($BUZZ), which had a trading volume of around $400 million during its first day of trading.
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Seiffarth has also drawn attention to the absence of a large number of block deals, which are concluded by large market participants, indicating high activity of retail traders. The analyst added:
"The ETF has been trading at extremely low spreads all day, literally down to a cent. It was very close to the price of the futures and the Bitcoin itself."