Bitcoin pushes to all-time high as ProShares BITO ETF sees strong demand

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Bitcoin traded at an all-time high in Tuesday evening’s deals as the first American Bitcoin-linked ETF made a strong debut.


At US$63,911 in this morning’s trading, Bitcoin is up around 3% for the day, after last night setting a new all-time high just above US$64,400.


It comes after the stock market debut of ProShares’s BITO Bitcoin futures exchange traded fund (ETF) which saw some US$1bn in trades on its first day. The debut was described by one commentator at Bloomberg as arguably the biggest ETF launch ever, in terms of natural or ‘grassroots’ interest.


Whilst near US$1bn BITO units changed hands in trading, it was reported that the ETF itself saw some US$570mln inflows into the fund on the day.


The SEC earlier this week approved the ETF which is tied to the futures price for Bitcoin and it is the first American ETF linked to Bitcoin to be approved – with the US Securities and Exchange Commission (SEC) favouring futures before a direct Bitcoin crypto ETF, partly because Bitcoin futures have for a number of years already been regulated by the US Commodities Futures Trading Commission.

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