Bitcoin is making strong moves to all-time high levels as the ProShares Bitcoin ETF becomes the fastest ETF fund to hit $1 trillion in assets.
Chainalysis co-founder and Chief Executive Officer Michael Gronager said that the company is super focused on its promise to create faith and security in cryptocurrency as a digital asset.
Bitcoin (BTC) has set a new ATH, hitting $66,000. Several fundamentals have combined to take Bitcoin to the point where it is today.
The ProShares Bitcoin Futures ETF product tracks the speculations on the future price of the digital currency, which may make the product behave differently from the real BTC asset.
Digital asset manager Grayscale wants to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF. The company said it has 14 other investment products that it is willing to convert into a Bitcoin ETF.
Post the launch of ProShares Bitcoin Strategy ETF, BTC price has been flirting around $64,000.
The ProShares Bitcoin ETF becomes the second-most heavily traded fund with BITO surging 5% on debut and registering a record turnover of $1 billion on Day 1.
Neither the ProShares Bitcoin Strategy ETF nor the Valkyrie Bitcoin Strategy ETF will hold actual BTC.
The financial advisors will also enjoy the added benefit of access to bonds, ETFs, futures, mutual funds, options, and stocks in over 135 countries on the single platform.
Fund manager ProShares has reportedly received permission from the SEC to launch a US-based Bitcoin futures ETF tomorrow.
Besides Bitcoin and Ethereum, the remaining eight digital currencies that make up the 10 ten coins on Coingecko contribute more than $30 billion each to the combined crypto market cap.
The increased expectations of an imminent futures-based ETF’s debut on the US markets have spiked activities on the CME this month even though many experts also attribute the new development to stronger participation from state-side institutional investors.
After the hint dropped by Grayscale, a Twitter user ‘svrgnindividual’ raised concerns about the restructure’s impact on investors holding Grayscale’s Bitcoin Trust shares.
The Bitcoin community is expecting a Bitcoin ETF to begin trading today or tomorrow. BTC price is moving higher in anticipation of the launch.
Since the news broke out that the SEC could be set to approve a Bitcoin futures ETF application, the flagship crypto asset, for the first time since its April crash, managed to go above $60,000 again.