The Bitcoin futures exchange-traded fund (ETF) launched by ProShare, an ETF manager, recorded a trading volume of $980 million (about KRW 1.15 trillion) on the first day of trading, and the price of Bitcoin is also on the rise.
On the 20th of local time, Bloomberg News reported that the product was the second most traded ETF among all-time ETFs based on the transaction volume. This product does not require to mine Bitcoin directly or repeat buying and selling according to the market price of the day. Analysts predict that investment in virtual assets will become more active as the product allows to generate profits based on the future price of Bitcoin.
The U.S. Securities and Exchange Commission (SEC) has approved Bitcoin futures ETF trading by applying mutual fund rules, and other asset managers such as VanEck and Valkyrie are also planning to launch Bitcoin futures ETFs, following ProShare.
Along with the predictions that Bitcoin futures ETFs will be very popular with cryptocurrency investors, some analysts express criticism, especially regarding speculative risk. Tom Lee, the co-founder of Fundstrat, an investment firm, predicted that Bitcoin would reach $100,000 by the end of the year, expressing an opinion that a network effect will occur as the investment accessibility of Bitcoin increases.