First Bitcoin ETF trades $1.5B as GBTC 'discount' echoes $69K BTC price
ProShares and Grayscale lead a surge of activity in Bitcoin investment products, with analysis confident of implied demand for a Bitcoin spot ETF. Bitcoin (BTC) institutional investment vehicles are seeing a major volume boost as excitement over possible United States regulatory changes takes hold. Data from resources including Bloomberg showed Bitcoin exchange- trade d funds (ETFs) and others nearing record weekly inflows. BITO, GBTC trade $2.5 billion Hints that the U.S. might soon allow a Bitcoin spot price-based ETF have not only impacted BTC price action — the surrounding ecosystem has benefitted in kind. In addition to exchanges and mining firms, embattled institutional investment options are also seeing a resurgence in demand. As noted by Bloomberg senior ETF analyst Eric Balchunas, at least two household names saw “notable” volume in the trading week through Oct. 27. Among them was the ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF to get the green light i...