© Reuters. US Bitcoin ETF Suffers Its Own Success, Falls Hard, May Have to Buy Stocks Instead of BTCSince the first ETF () was rejected in 2013, the crypto community has been waiting for approval from the US Securities and Exchange Commission (SEC).
However, after 8 years of waiting, the successful approval of the first Bitcoin ETF in the US market could be the main catalyst for the drop in the product, and thus the price of Bitcoin.
According to an exclusive Passfolio analysis shared with Cointelegraph, perhaps due to the long wait, the ProShares Bitcoin Strategy ETF (BITO) was the fastest ETF to reach $1 billion in assets under management (AUM), having reached the milestone in just 2. days. And not only that, but it recorded the second highest debut volume in history, surpassing $1 billion.
Fusion Media OR ANYONE INTERESTED WITH Fusion Media WILL NOT BE RESPONSIBLE FOR LOSS OR DAMAGE RESULTING FROM RELIANCE ON THE INFORMATION INCLUDING DATA, QUOTATIONS, GRAPHICS AND BUY/SELL SIGNALS CONTAINED IN THIS SITE. Please be fully aware of the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment.
Grace Montgomery writes for News Collective, covering news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on clear, reliable reporting and useful information, helping readers stay informed about current events, emerging trends, and stories that matter.