Key Takeaways:
- The Bitcoin ETF family on Wall Street now includes two funds, BITO and BTF
- The addition of a second Bitcoin-linked exchange-traded fund highlights quick progress
The Second Bitcoin futures ETF Begins Trading Today
The second-ever Bitcoin futures exchange-traded fund has been approved by the Securities and Exchange Commission. The fund follows the widely successful launch of the first-mover, the ProShares Bitcoin Strategy ETF, with a ticker BITO. That said, BITO began trading on the NYSE on Tuesday.
Now, three days later, the small family of Bitcoin ETFs on Wall Street has a new member. The Valkyrie Bitcoin Strategy fund will make its trading debut on the Nasdaq exchange today. Going by the ticker BTF, the second-to-market Bitcoin ETF highlights the quick progress of crypto towards traditional markets.
Similarly to the first ETF by ProShares, the Valkyrie fund will be linked to Bitcoin through the futures market. In other words, BTF will not hold actual bitcoin. Instead, it will offer shares of packaged contracts that enable investors to purchase bitcoin at a future price.
Bitcoin Skyrockets to a New Record on ETF Launch
The enthusiasm around US bitcoin ETF products has sparked a wave of buying across the cryptocurrency market. In more detail, a day after the first Bitcoin ETF landed on Wall Street, bitcoin skyrocketed to a new record.
Moreover, the BITO launch ranked as the second-biggest on record, with almost $1 billion in traded shares. For comparison, the biggest-ever ETF launch was that of BlackRock’s Carbon Transition Readiness ETF, which saw inflows of about $1.25 billion.
Meanwhile, among the new Bitcoin-focused products trading on the stock market this week, bitcoin set a new all-time high. On Wednesday, the price of bitcoin rallied to a fresh peak of $67,000, beating previous high of $64,800. Afterwards, the rally cooled down on Thursday when bitcoin’s price retreated to slightly lower levels.
In conclusion, whether you’re a seasoned investor or a beginner in crypto, make sure to read our Buy Bitcoin Guide. In it, you will learn how to profit from the crypto revolution which is now sweeping Wall Street.