First Bitcoin Futures ETF Registers $1,700,000,000 in Trading Volume Last Week: Bloomberg Analyst

The latest data reveals that the first Bitcoin (BTC) exchange-traded fund (ETF) registered its highest weekly trading volume since its inception.

According to senior Bloomberg ETF analyst Eric Balchunas, BITO the BTC futures ETF released by ProShares recorded $1.7 billion in trading volume while the Grayscale Bitcoin Trust (GBTC) saw $800 million.

Balchunas says the numbers suggest theres a strong appetite for Bitcoin ETFs.

Notable: BITO traded $1.7 billion last week, 2nd biggest week since its wild WEEK ONE. GBTC did $800 million. That’s $2.5 billion (top 1% among ETFs) into two less desirable methods (vs spot) for exposure = while we think spot ETFs [are] unlikely to set records on DAY ONE, clearly there’s an audience.

When asked why he believes BlackRocks spot market Bitcoin ETF will not set a record when approved, Balchunas says that it’s because multiple ETFs will likely be launched simultaneously, spreading out volume between them.

It’s not 2021 anymore, not a mania… and unlike BITO which had [the] market to itself, there will be multiple launched at once this time so volume will be dispersed. but we’ll see!

Balchunas goes on to note that BTC ETFs displaying high volume could help in attracting marquee investors, such as hedge funds and large financial institutions.

Assets [are] huge but so is volume IMO (in my opinion), it shows the ‘activity’ around an ETF, and you need high volume to have [a] shot attracting bigger fish like HFs (hedge funds), institutions.

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This article was originally reported on The Daily Hodl.