It is no surprise that ProShare’s Bitcoin futures-based ETF (BITO) opened with a bang. Thanks to major buzz from the community, and a little FOMO, its volume climbed up to $1 billion on the first day.
Erich Balchunas, a senior Bloomberg analyst, said that this was “easily the biggest Day One of any ETF in terms of 'natural' volume.”
Launched October 19, the opening price being $40.88, BITO amassed 24.313 million shares on its first day, which amounts to a total volume of just over $1 billion, Tradingview data confirm.
Experts predict that this successful launch will further accelerate Bitcoin’s growth, as it opens more possibilities for investors to allocate their resources to crypto.
Tom Lee, a Wall Street strategist and Fundstrat co-founder, goes as far as to say that Bitcoin will not only breach the $100,000 mark but will continue to grow beyond, possibly reaching $168,000 by the end of the year.
Lee is confident that ProShare’s BITO and other Bitcoin ETFs on the horizon will propel a “significant new inflow” of money into crypto.
Not everyone is as optimistic as Lee though. According to Jurrien Timmer, an analyst for Fidelity, we might not be so close to the highly anticipated milestone. He believes Bitcoin will eventually get there but predicts it might happen as late as 2023 or 2024.