After a long wait, finally, Bitcoin’s first ETF BITO has been approved. The ETF was so popular that on the first day of trading, it rose as much as 4.85% before closing and bought in $570 million in assets showing the sheer demand of the ETF. At the same time, the trading volume of the fund was around $1 billion. This also shows that we can easily expect this ETF to do good in the future. If Bitcoin becomes the next Gold, we all will remember when the first BTC ETF was approved.
The launch of the fund
ProShares is the sponsor of the fund. It has provided $20 million of seed capital on Tuesday to the BITO ETF. This was the moment when the ETF was launched, and this clip has now been saved as a moment in history. Looking back at this after 2 decades, we will realize how big of a financial revolution this was.
— Bitcoin Magazine (@BitcoinMagazine) October 19, 2021
The launch of the fund also saw a major interest from retail investors, and institutional interest was less, at least on the first day. This was identified as they were very few chunks of significant transactions on the market.
Bullish of BTC
All this is really bullish for Bitcoin in the short and long term. The currency’s price is already nearing its ATH and reached $64,500, just $400 shy of its top, before pulling back to $63,800. And the approval of this ETF shows a lot of positive intent from the feds as this was approved by the SEC. With Bitcoin’s first ETF BITO, we can soon expect more pending applications to be approved. This will drive insane adoption, and the price of BTC will skyrocket.
Do note that in the first 20 minutes of launch, 6.4 million BITO shares changed hands showing how insanely popular it has got on the first day. I always compare BTC with Gold and the approval of the ETF to the first one for Gold in 2004. If BTC follows a similar pattern to Gold in terms of price adoption, we could see $500k in the next 4-6 years.
What are your thoughts on Bitcoin’s first ETF BITO? And do you think this is the first step of Bitcoin to become the largest global asset? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.