This week was all about accepting the first approval Bitcoin (BTC) linked Exchange Traded Funds (ETF). with the All-time High (ATH) Subsequently, Bitcoin once again appeared widely in the news in the mainstream media. In this week’s Timo take a look at a week that was probably the most important development for the future of BTC.
Bitcoin (BTC) takes an important step in the US stock exchange
Last Wednesday it’s time. The first Bitcoin ETF launched. It was a moment when the cryptocurrency community had to wait a long time. And despite the fact that it is not a physical Bitcoin ETF, we immediately see that interest among traditional investors is high.
An ETF is a stock fund listed on a traditional stock exchange. It gives investors who prefer to run their business the “normal” way with their brokers the opportunity to get exposure to Bitcoin. They don’t need to own any bitcoins themselves, just fund shares.
ProShare’s Bitcoin Strategy ETF launched on Wednesday at the New York Stock Exchange Arca. The fund, which can be found under the symbol BITO, immediately attracted a huge amount of investment. So much so that on its first day, the fund outperformed any other ETF on its first day. The volume of more than 1 billion dollars has been achieved; Biggest “natural” first day size ever.
The second day, investors went keep investing, with another trading volume of over $1 billion. The fund also had more than $1 billion in assets under management after the second day. That took three days of gold ETF GLD. In short, interest in the investment product and the underlying Bitcoin is high!
More to follow, BTC to $100,000 in this cycle?
Yesterday, a second Bitcoin ETF was launched, the Valkyrie. It is likely that pending orders for Bitcoin futures ETFs will encounter little resistance from the Securities and Exchange Commission (SEC). So we have entered a new era where Bitcoin is more easily available to more investors As inflation protection.
And now what? The big money is here so you can say we are in uncharted waters. Dutchman PlanB’s price forecast seemed far fetched a few months ago. But with the new ATH, current price and inflation expectations, the $100,000 bitcoin price is definitely not impossible! Are you ready for the future?
Where will the top be and where is the middle level? pic.twitter.com/pKYqtPX4CO
– PlanB (@100 trillion USD) October 22 2021
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