U.S.'s First Futures Bitcoin ETF Reacts Ironically: Nullifies 7% Spike
On the heels of the ETF development, BITO traded more than $800 million worth of shares. This marked the highest spike in volume since its launch day figure of $1 billion. The U.S.’s first futures ETF, ProShares’s BITO, registered a 7.3% spike in price and claimed a high of $14.51 on Aug. 29. However, the hype did not sustain itself, owing to the latest delay calls. Just a few hours ago, the SEC delayed BlackRock, Valkyrie, WisdomTree, and Invesco’s spot applications. BITO ended up erasing most of its gains. During its close on Thursday, Aug. 31, BITO was trading at $13.44. ProShares Bitcoin Strategy ETF [BITO] by TradingView Also Read: Grayscale Investors Can Get Exposure to Bitcoin Cash At Merely $0.007 According to several experts, including Bloomberg Intelligence’s Senior ETF Analyst Eric Balchunas, when the spot Bitcoin ETF s eventually get the go-ahead, investors will flock from BITO to the new vehicles. This could result in a business share loss for...