👉 1st U.S Bitcoin ETF Breaks Records With $1 Billion AUM in First Two Days

Monday, October 25th, 2021

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TL;DR

ProShares Bitcoin ETF Breaks Record With $1 Billion AUM in Two Days
Bitcoin Breaks All-Time Highs On 2nd Day of ETF Trading
Altcoin Dominance Hovers At Critical Line of Support
Events on the Horizon: Solana Breakpoint, Lisbon

MACRO NEWS

ProShares Bitcoin Future's ETF Breaks Record With $1 Billion AUM in Two Days

On October 19th, the ProShares Bitcoin Future's ETF (BITO) was approved for trading in the United States. Just two days later it has already amassed over $1 Billion in assets under management (AUM), making it the fastest ETF ever to reach $1 Billion AUM in the united states. The record was previously held by the first gold ETF approved in 2004.

BITO went live last Tuesday as an alternative investment vehicle for retail and institutional investors interested in indirect bitcoin exposure. The fund invests in bitcoin futures contracts, rather than actual BTC, and thus price appreciation of the fund’s shares may not track the bitcoin spot market price. Many who have been pushing for a Bitcoin ETF were disappointed that the futures ETF was approved prior to a "spot" ETF. A spot EFT would hold physical Bitcoin instead of merely futures contracts. Many in the Bitcoin space actually look at this approval as a negative for Bitcoin, because it allows more market manipulation by Wall Street and higher prices for consumers.

"A futures-based ETF price will not necessarily match the current price of the underlying asset. In most cases, futures ETFs based on commodity assets such as gold tend to underperform physical ETFs," said Mikkel Morch, executive director at crypto and digital assets hedge fund ARK36.

A second offering linked to BTC, the VanEck Bitcoin Strategy ETF (XBTF) has received regulatory approval to list in the country and is set to begin trading on October 25. This also represents a futures-based ETF.

Regardless of if you believe this is a net positive or a net negative for retail investors, the price of Bitcoin has clearly responded positively to the news. Bitcoin charted new all-time highs of over $67K on the day after the approval was announced.

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CONTENT OF THE WEEK

Bitcoin Futures ETF, and Coinbase NFT Market Place | Weekly Round Up

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Is An Altcoin Surge Coming? | Here's What You Need To Know

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A Big Bitcoin Crash Is Coming After This Event - Plan B

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TECHNICAL ANALYSIS

Bitcoin Breaks All-Time Highs On 2nd Day of ETF Trading

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Altcoin Dominance Hovers At Critical Line of Support

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UPCOMING EVENTS

Solana Breakpoint is a groundbreaking celebration of everything the Solana community has accomplished, what they've inspired, and for what comes next. Breakpoint is the first conference organized by the Solana Foundation. The Lisbon-based conference will bring together industry leaders, builders, and innovators from around the globe. This year, the conference will be held in beautiful Lisbon, Portugal, from November 7th - 10th, and will be broken down into 3 separate tracks.

THE ECOSYSTEM STAGE - LxFactory

Amazing use-cases and applications.

A 175-year-old textile factory has been converted into a dynamic hub for artists, architects, and creative professionals. LxFactory can host up to 1,900 guests surrounded by restaurants, bars, shops, and street art. This is the home of Breakpoint’s Ecosystem stage.

THE GROWTH STAGE - Estufa Fria

Agenda setting discussions and announcements on the future of Solana.

Lisbon’s historic botanical gardens span 1.5 hectares, housing hundreds of species of plants. It’s also the setting for Breakpoint’s Growth stage, where we’ll get hands-on with the DeFi, NFT, and other use-cases driving the Solana world.

DEVELOPER TRACK - SUD Lisboa

Hands-on workshops and tutorials with the best devs in the ecosystem.

Sun’s out, the laptop’s out. With stunning rooftop views over the Tagus river, SUD Lisboa will host Breakpoint’s Developer track. Apply to speak on the Developer track below.

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We at CryptoWeekly are not Financial Advisors. None of the content or opinions expressed in this newsletter should be considered financial advice. We highly recommend that you do your own research before investing in any project within or outside the cryptocurrency space.