Bitcoin ETF is now the talk of the town. Following the successful launch of the ProShares’ Bitcoin Strategy ETF (BITO), another similar product will be available.
As of October 22, Valkyrie Investments has rolled out the second Bitcoin ETF in the US. The Valkyrie Bitcoin Strategy ETF is now trading on Nasdaq by the symbol BTF.
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Bitcoin ETF to the Rescue
Some call it a coincidence, others see it as irrelevant. Nonetheless, Bitcoin managed to reach a new ATH the same day its first ETF was introduced on Nasdaq. The skyrocketing in value has brought attention to the cryptocurrency as an alternative asset to hedge against the inflation.
It should also be mentioned that BITO is now the second largest ETF launch. It managed to mark almost $1 billion in volume only on first day.
The Exchange-Traded Funds provides exposure to future contracts for Bitcoin and does not directly invest in BTC.
The asset management firm Valkyrie is now following the footsteps of ProShares by launching another ETF.
The Surge in Price
In a recent Bloomberg article, A JP Morgan analyst claims that the primary cause for the rapid growth is still the fear of rising inflation.
Furthermore, he stated that the excitement over this launch will soon fade away.
“By itself, the launch of BITO is unlikely to trigger a new phase of significantly more fresh capital entering Bitcoin.” He went on further to say “The initial hype with BITO could fade after a week”.
BTC managed to reach a record high of $66,988 two days ago and has now settled around $61,000 as of writing October 22. Data provided by CoinGecko.
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