If YOU would like to be on a CRYPTO PING LIST, please pm me.
The Crypto Ping List covers the following:
Bitcoin
Ethereum
Other coins built on the Ethereum blockchain, like Shiba, etc, mining
etc.
Thanks! For it - or ag'in it, it'll be a wild ride.
Posted on 10/20/2021 7:44:01 AM PDT by aMorePerfectUnion
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, Bloomberg Intelligence ETF Analyst.
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 million on its opening day, but ProShares' $BITO traded nearly twice that.
Seyffart 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 thing traded super tight and was within a penny wide pretty much the entire day," said Seyffart. "And it traded extremely close to the underlying futures and bitcoin itself."
The launch of a bitcoin ETF has been long awaited by the industry. The Securities and Exchange Commission (SEC) has yet to allow an ETF trading spot, but today's launch of a futures product is a huge step for the ETF industry, according to Douglas Yones, Head of Exchange Traded Products at the NYSE.
ProShares is the first to offer a crypto ETF product in the U.S., winning the race to list. Earlier this year, SEC Commissioner Gary Gensler expressed an interest in reviewing crypto proposals for products filed under the Investment Act of 1940 tied to CME bitcoin futures. ProShares was the first to make it to listing, but there are still a number of issuers jockeying for position. These include Valkyrie, VanEck, Invesco and BlockFi, among others.
If YOU would like to be on a CRYPTO PING LIST, please pm me.
The Crypto Ping List covers the following:
Bitcoin
Ethereum
Other coins built on the Ethereum blockchain, like Shiba, etc, mining
etc.
Thanks! For it - or ag'in it, it'll be a wild ride.
PING!
Big day yesterday for the progress of crypto and Bitcoin in particular with the launch of a futures Bitcoin ETF.
Buckle your seatbelts, already today, BTC hit a new all time high.
Going to 100, eventually.
How does one buy futures of a finite resource? I missed the boat, of course, but seeing how they are being gobbled up by huge investment firms and a single tweet can plunge or raise them 50% in an hour it appears to have reached the point of being a plaything for very wealthy institutions.
… happens every day - it is a contract to track movement IIRC
Scarcity plus demand equals “to the moon”.
Scarcity will only get worse (or better for those holding BTC),
Demand is likely to also expand exponentially as more entire countries adopt BTC as a legit currency, as well as the financial institutions fighting over the leftovers as they try to fund their investment portfolios.
This is going to get sporty...
Not too shabby...
Excellent!!!
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