{"id":193789,"date":"2021-10-22T16:00:49","date_gmt":"2021-10-22T10:30:49","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=193789"},"modified":"2021-10-22T11:43:54","modified_gmt":"2021-10-22T06:13:54","slug":"proshares-bitcoin-etf-leaves-gold-behind-after-beating-18-year-record","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/proshares-bitcoin-etf-leaves-gold-behind-after-beating-18-year-record\/","title":{"rendered":"ProShares Bitcoin ETF leaves Gold behind after beating 18-year record"},"content":{"rendered":"

ProShares Bitcoin ETF crossed over $1 billion in Assets under Management (AUM) within two days of its listing on 19 October, according to a report<\/a> by Bloomberg.<\/p>\n

Bloomberg Intelligence further revealed that no other exchange-traded fund has ever hit the $1 billion mark in terms of volume this quickly. It ranked BITO as the second “heaviest-traded ETF debut on record.” BITO was right behind BlackRock carbon fund, as the latter was backed by pre-seed investments for its first 24 hours of trading\u00a0<\/a><\/p>\n

While BITO was listed at a price of $40, it was trading close to $42.6, at press time<\/a>.<\/p>\n

The BTC futures ETF reportedly<\/a> saw more than 24 million shares change hands in the first 24 hours. By Wednesday’s close, over 29 million units had been traded, the report found.<\/p>\n

Bitcoin and gold are often compared asset classes as a hedge against inflation. This time around, the competition was close.<\/p>\n

The first exchange-traded fund (ETF) that tracked the price of gold was SPDR Gold Trust ETF (GLD) in the United States in 2004. GLD hit $1 billion in AUM in just three days. It held that record for 18 years, before being beaten by BITO.<\/p>\n

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The fastest ETF to ever get to $1b (naturally) was $GLD<\/a> in 2004. It did it in 3 days. No one has really come that close since. $BITO<\/a> has $570m after one day a legit shot to at least tie this DiMaggio-esque feat. Here's the fastest in a Missile Command-y looking chart from @JSeyff<\/a> pic.twitter.com\/TWU1ZvTA1p<\/a><\/p>\n

— Eric Balchunas (@EricBalchunas) October 20, 2021<\/a><\/p><\/blockquote>\n