Since the ProShares Bitcoin Strategy ETF started trading this week, it has become the fastest fund ever to reach $1 billion in assets under management (AUM). The highly anticipated launch of the first Bitcoin (BTC) futures exchange-traded fund (ETF) in the United States, BITO, has resulted in a number of milestone achievements. Bloomberg senior ETF analyst Eric Balchunas reported that the fund was the quickest ever to reach a 10-figure AUM after just two days of trading. BITO easily surpassed the previous record-holder, a gold-based fund with the ticker GLD, which took three days to hit the billion-dollar mark in …

After dipping below $30,000 in June, Bitcoin (BTC) went on a nearly four-month rally, appreciating by more than 100%. On Friday, it was able to recapture the $60,000 level after closing the day with a 7.56% spike. The ensuing rally was attributed to the excitement around the SEC giving the green light on the ProShares Bitcoin Futures exchange-traded fund (ETF). Bitcoin has since successfully defended its current price level and managed to inch closer and closer to its all-time high valuation of $64,899. The listing of ProShares Bitcoin Strategy ETF on Tuesday is believed to provide an additional thrust for …

According to an announcement issued on Wednesday, DCG is now authorized to buy up to $1 billion worth of Grayscale Bitcoin Trust (GBTC). This development extends DCG’s prior authorization by $250 million if they choose to do so. Indeed, DCG has so far purchased $338 million in GBTC, according to the company’s announcement on Wednesday. As previously reported by Cointelegraph, DCG had purchased $193.5 million worth of GBTC shares back in May 2021. At the time, the firm’s GBTC purchase limit stood at $250 million. As part of the announcement, DCG revealed that it plans to use cash on hand …

Ethereum's native token Ether (ETH) is likely to hit its own record high in the short term as ETH has broken above $4,000, a crucial resistance level. Ethereum breaks $4,000, nearing new all-time high ETH price rallied on Oct. 20 by over 5% to approach $4,100 on the Coinbase exchange for the first time since May 2021. The cryptocurrency's run-up above $4,000 appeared primarily in the wake of Bitcoin (BTC) breaking above $65,000 to enter price discovery. According to data provided by Crypto Watch, the 30-day correlation between Bitcoin and Ether came out to be 0.81. That shows an 81% …

The United States Securities and Exchange Commission, or SEC, has likely approved asset manager VanEck’s Bitcoin Strategy exchange-traded fund (ETF), with trading expected to begin on Monday. In a Wednesday filing with the SEC, VanEck said the public offering of its Bitcoin (BTC) Strategy ETF, which offers exposure to the crypto asset through futures contracts, would begin “as soon as practicable” after the effective date of the filing, Saturday. This suggests the company could list its shares on an exchange as early as Monday. Unlike exchange-traded funds offering direct exposure to BTC or Ether (ETH) — which the SEC has …

Bitcoin’s (BTC) ongoing price rally above $64,000 has coincided with a substantial drop in its reserves across all exchanges. According to data provided by CryptoQuant — a South Korea-based blockchain analytics service — the amount of Bitcoin held in exchanges’ wallets dropped to as low as 2.379 million BTC earlier this week, the lowest in more than three years. Currently, the reserves are around 2.38 million BTC. CryptoQuant noted that the declining Bitcoin reserves showed the availability of fewer BTC tokens “for selling, altcoins purchasing, and margin trading.” Additionally, that also reflected traders’ intention to “hodl” the cryptocurrency. Demand for …

ProShares’ Bitcoin Strategy exchange-traded fund (BITO) saw the highest ever first day “natural” volume for an exchange-traded fund (ETF), with the figure reaching a little over $1 billion by the end of the opening day. It is second overall, tailing just behind the BlackRock U.S. Carbon Transition Readiness ETF, which booked $1.16 billion in volume on its debut in April. The ProShares Bitcoin futures-based ETF launched on the New York Stock Exchange on Tuesday with an opening price of $40.88. According to data from TradingView, BITO closed the day at $41.94, with a total of 24.313 million shares changing hands, …

United States Securities and Exchange Commission Chair Gary Gensler and ProShares head of investment strategy Simeon Hyman discussed the launch of the first Bitcoin-linked exchange-traded fund (ETF) with CNBC on Tuesday. ProShares Bitcoin Strategy ETF, also known as BITO, is based on CME Bitcoin (BTC) futures contracts. CNBC commentator Bob Pisani shared concerns from some investors that BTC futures could deviate from the BTC spot price. “The futures market is a better place for price discovery,” said Hyman. “The CME futures market trades more volume than the largest U.S. crypto exchange. We launched a similar mutual fund on 7/28, and …

A favorable macro environment, strong on-chain fundamentals and the approval of new futures-based exchange-traded funds (ETFs) in the United States are set to launch Bitcoin (BTC) to new all-time highs this quarter, according to a survey of fintech industry specialists commissioned by Finder. The 50-person industry panel expects Bitcoin to peak just above $80,000 this quarter before ending the year at around $71,400. The flagship digital currency is trading at $62,600 on Tuesday, according to Cointelegraph Markets Pro. An $80,000 target represents 28% more upside for BTC in the coming months. Finder’s panel includes Cypherpunk Holdings chief operating officer Daniel …

The first Bitcoin (BTC) futures-linked exchange-traded fund in the United States began trading on the New York Stock Exchange, opening at a price of $40 per share. According to the New York Stock Exchange, ProShares’ Bitcoin Strategy ETF, the first exchange-traded fund allowing U.S. investors direct exposure to cryptocurrency futures, opened at a price of $40 per share of BITO before rising 3.8% to reach $41.54 at the time of publication. The addition of the crypto fund to a major stock exchange follows years of deferred decisions from the Securities and Exchange Commission, or SEC, the regulator responsible for greenlighting …

Bitcoin (BTC) hit $63,000 on Oct. 19 as the debut of the first regulated Bitcoin exchange-traded fund (ETF) saw solid uptake. ETF launch sparks six-month BTC highs Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting its highest levels since April 16 as the ProShares Bitcoin Strategy ETF began trading under the ticker BITO on the New York Stock Exchange. BITO opened at just under $40, swiftly hitting local highs of $42.09 in price discovery before consolidating. The strength of the launch served to allay fears that the market would conversely fall into the United States open in what …

Concurrent to the United States finally launching its first Bitcoin (BTC) futures-based exchange-traded fund (ETF) Tuesday, France inches closer to a major Bitcoin-related ETF launch. Paris-based alternative investment firm Melanion Capital is preparing to launch its Bitcoin-linked ETF product already this Friday, the firm’s CEO Jad Comair announced to Cointelegraph on Monday. Called “Melanion BTC Equities Universe UCITS ETF,” the Bitcoin ETF will start trading on France’s primary stock exchange, Euronext Paris, at 7 am UTC. The product will be listed under the ticker symbol BTC FP, providing investors with Bitcoin exposure through a diversified basket of equities correlated to …