Key Takeaways
- After ProShares launched the first US exchange-traded fund, the second ETF is set to launch in the US
- The US SEC is likely to give the greenlight to VanEck’s Bitcoin Strategy ETF next week
- With Bitcoin (BTC) touching a new ATH above $67K, a $100K per BTC by the end of year is plausible
YEREVAN (CoinChapter.com) — This week, the first Bitcoin exchange-traded fund (ETF) launched in the United States.
The ProShares Bitcoin ETF debuted on the New York Stock Exchange on Tuesday after getting a nod from the US Securities and Exchange Commission (SEC). The launch marked the end of the almost decade-old wait for approval, adding the United States to the list of countries where Bitcoin exchange-traded funds are an option for traders.
According to a filing with the SEC, the United States may see another Bitcoin ETF start trading on Wall Street next week. As per the SEC, VanEck’s Bitcoin Strategy ETF will launch on the New York Stock Exchange after Oct 23.
VanEck’s ETF will trade under the ticker “XBTF.” According to the filing, it will begin trading “as soon as practicable after the effective date.” The market’s first day is Monday, which makes the likely day of public offering Oct 25.
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First Bitcoin ETF takes the New York Stock Exchange by storm
After receiving approval from the US Securities and Exchange Commission (SEC), ProShares Bitcoin Strategy ETF hit the markets, taking the New York Stock Exchange by storm.
Soon after the launch, the ETF became the second-highest traded fund in history. Trading under the ticker BITO, the fund saw a massive $280 million traded in the first 20 minutes. This puts it in the top-15 opening day launches of all time.
Bloomberg reported that over 18-million Bitcoin ETF shares worth roughly $740 million got traded by midday in New York.
In the run-up to the launch, there was some skepticism in the market about investors’ reactions. So while it was evident that the launch would signal the start of a new era for cryptocurrencies, it also meant ProShares had to deliver on launch day.
With Bitcoin ETF now a proven concept in the US stock exchange, a list of other exchange-traded funds linked to BTC are likely to receive approval soon. So naturally, that will impact the price of Bitcoin and altcoins immensely.
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Bitcoin (BTC) creates new ATH
As the ProShares Bitcoin futures exchange-traded fund (ETF) created ripples, BTC made a home run. First, it stumped its April all-time high of $64,804.
As long-time investors decided to hold on to their assets in anticipation of BTC touching $65,000, the world’s largest cryptocurrency delivered.
The BTC-USD exchanger rate reached an all-time high of $67,276 today, following the bull-run kick-started by the ProShares ETF launch. The run has made a 38% rally since the month began. Currently, BTC is up close to 130% since it fell below $29,000 in June.
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$100K for Bitcoin upcoming?
Since BTC began making a recovery, bullish predictions for BTC started doing the rounds.
In September, the cryptocurrency research team at Standard Chartered bank predicted that BTC would likely hit $100,000 by the end of the year.
Fundstrat Global Advisors’ Tom Lee also predicted seeing Bitcoin (BTC) reach $100,000 by the end of 2021.
With the ProShares ETF launch propelling BTC prices to create a new all-time high, talks of the token reaching $100,000 are in vogue again.
In addition, global investment management firm PIMCO confirmed they would continue investing in Bitcoin (BTC), adding to the excitement.
Now that the US Securities and Exchange Commission (SEC) is likely to let VanEck’s Bitcoin Strategy ETF launch next week, the $100,000 price per BTC looks not only likely but also plausible.
