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Bitcoin (BTC) reaches new ATH after first American ETF gets the green light

Oct 21, 2021

Bitcoin (BTC) has entered a new chapter; A couple of days ago, the first American Bitcoin-linked exchange-traded fund (ETF) was approved. Naturally, this sparked a new market impulse, with the bitcoin price racing to a new all-time high (ATH)!

BITO fund performs exceptionally well

The first American bitcoin ETF is ProShare’s BITO fund. The ETF is based on bitcoin futures contracts rather than physical bitcoins. Nevertheless, the fund right away saw extremely high ‘natural’ volume. BITO attracted so many investors on its first day that its natural volume was the highest of any ETF ever:

https://twitter.com/EricBalchunas/status/1450557742956023821

The second day for BITO was just as impressive as the first day. The $1 billion mark was broken again, performing better than the gold ETF on its first day. James Seyffart from Bloomberg stated in a tweet:

“There it is! It’s only 1:30 and BITO has already traded $1 billion on its second day. Wild. Assuming this thing converted just 43% of this volume into assets (it converted 57% yesterday), this is the first ETF to crack $1 billion in AUM in under 2 days. GLD did it in 3 days.”

ProShares won’t be the sole Bitcoin ETF provider for long. VanEck looks to launch its ETF next week. While we will have to wait to see how this ETF will perform compared to BITO, the emerging number of bitcoin ETFs is a positive signal, validating that the cryptocurrency has become a mature investment asset.

Bitcoin reaches new ATH

With the growing interest of institutional investors, bitcoin saw a new positive impulse. The BTC price has already rallied significantly in the past few weeks and put a cherry on the top on the 20th of October. On Coinbase, BTC set a new ATH of $66,950, improving the previous ATH by about 4%.

Bitcoin, and crypto as a whole, have entered into a new chapter in a journey to mass adoption. GRN Energy is proud to be part of this revolution, bringing full service, sustainable and profitable Bitcoin (Crypto) Mining operations with Renewable (Clean) Energy solutions. Read more about us here.

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