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ProShares Bitcoin Strategy (BITO), the first U.S. Bitcoin futures ETF, topped $1 billion in trading volume on its first day of trading, posting the second-highest first-day turnover on record. More than 24 million units of the ETF changed hands, data showed, and the price of BITO rose to $41.94 at the close, up 4.85% on the day. That is second only to BlackRock’s carbon-neutral ETF, according to Athanasios Psarofagis of Bloomberg Industry Research. In addition, Dave Nadig, chief investment officer and director of research at ETF Trends, said the majority of BITO trading appears to be coming from retail investors.
Bitcoin remains a highly speculative asset class and Bitcoin futures have benefited from years of US oversight, the SEC chairman said. Although Bitcoin has been stimulated by the ETF listing news to a certain extent, it has not broken through the previous high position. As a result, Bitcoin price will remain in the $62,000 – $65,000 range. If BTC confirms a breakout above the $65,000 pressure level, it is still possible to witness a further upside.