VanEck Bitcoin Strategy ETF launched daily trading volume is a small part of BITO

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The VanEck Bitcoin Strategy ETF (XBTF) ended its first day of trading with a “significant” trading volume on November 16, but it pales in comparison to similar launches.

Bitcoin futures ETF provides investors with exposure to the potential future price of Bitcoin Bitcoin Without forcing them to hold any bitcoins themselves.

At the close of the Chicago Stock Exchange (CBOE), XBTF The accumulated assets under management (AUM) is about 9.5 million U.S. dollars, and the daily trading volume is about 4.6 million U.S. dollars. Investment Net. This is only a small part of the first-day trading volume of USD 1 billion ProShares Bitcoin strategy (BITO) went public on the New York Stock Exchange on October 19. BITO has reached Top 2% of all ETFs By total transaction volume.

Tommy Horan, head of corporate partnerships at the Australian exchange Swyftx, said this was a “quite low-key release, but VanEck wouldn’t worry too much. [lower] Expenses should attract steady capital inflows in the next quarter.

“After all the hype around the $1.1 billion offering of ProShares, this is always a little irrelevant and continues the trend we have seen on Valkyrie’s ETF.”

Valkyrie’s Bitcoin futures ETF also has a relative BTF fell 3%, release was lacklustre Although the transaction volume was $78 million, the price during the first hour of trading on the Nasdaq on October 22.

Bloomberg senior ETF analyst Eric Balchunas recommended in a report on November 17 tweet XBTF’s trading volume is usually quite good, but it has been greatly obscured by BITO.

$XBTF The transaction volume on the first day was approximately US$5 million. Normally, this will be pretty good, probably in the top 10% released this year.It’s just being overshadowed by the absurd $1b $Bitcoin Let go, let alone 78 million dollars $BTF Done. pic.twitter.com/bjqrUnThzr

— Eric Balchunas (@EricBalchunas) November 16, 2021

XBTF trading volume declined after the U.S. Securities and Exchange Commission Refuse VanEck’s spot bitcoin ETF application. Unlike futures ETFs, spot ETFs will allow investors to gain exposure to the current price of Bitcoin without having to hold BTC themselves.

Overall, Horan praised the launch of XBTF, but stated that crypto ETFs will not make strides forward until spot ETFs are approved: “It’s great for the industry to see crypto funds gain regulatory approval, but before spot ETFs are accepted, there is no People will overcome their skiing skills.”