Will BITO help Bitcoin break beyond the $100,000 barrier?
Unsurprisingly, ProShare’s Bitcoin futures-based ETF (BITO) got off to a fast start. Its volume surged to $1 billion on the first day, thanks to a lot of talk from the community and a little FOMO.
Senior Bloomberg analyst Erich Balchunas stated that this was by far the largest Day One of any ETF in terms of ‘natural’ volume.
According to Tradingview data, BITO was launched on October 19 with an opening price of $40.88 and amassed 24.313 million shares on its first day, resulting in a total transaction of a little over $1 billion.
Tom Lee, a Wall Street expert and co-founder of Fundstrat, predicts that Bitcoin will not only surpass $100,000 but will also continue to rise, maybe reaching $168,000 by the end of the year.
However, not everyone shares Lee’s optimism. According to Jurrien Timmer, a Fidelity analyst, the much-anticipated milestone may not be so close. He believes Bitcoin will get there eventually but that it will be as late as 2023 or 2024.