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 <p>On the heels of the ETF development, BITO traded more than $800 million worth of shares. This marked the highest spike in volume since its launch day figure of $1 billion. The U.S.’s first futures ETF, ProShares’s BITO, registered a 7.3% spike in price and claimed a high of $14.51 on Aug. 29. However, the hype did not sustain itself, owing to the latest delay calls. Just a few hours ago, the SEC delayed BlackRock, Valkyrie, WisdomTree, and Invesco’s spot applications. BITO ended up erasing most of its gains. During its close on Thursday, Aug. 31, BITO was trading at $13.44.</p> 
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  <img decoding="async" width="1024" height="457" src="https://cdn.thebittimes.com/images/2023/09/01/d4f13db3d47b0f7e8fbee866d2afaf0c.webp" alt="" class="wp-image-109966" srcset="https://cdn.thebittimes.com/images/2023/09/01/d4f13db3d47b0f7e8fbee866d2afaf0c.webp 1024w, https://cdn.thebittimes.com/images/2023/09/01/d4f13db3d47b0f7e8fbee866d2afaf0c.webp 300w, https://cdn.thebittimes.com/images/2023/09/01/d4f13db3d47b0f7e8fbee866d2afaf0c.webp 768w, https://cdn.thebittimes.com/images/2023/09/01/d4f13db3d47b0f7e8fbee866d2afaf0c.webp 380w, https://cdn.thebittimes.com/images/2023/09/01/d4f13db3d47b0f7e8fbee866d2afaf0c.webp 550w, https://cdn.thebittimes.com/images/2023/09/01/d4f13db3d47b0f7e8fbee866d2afaf0c.webp 800w, https://cdn.thebittimes.com/images/2023/09/01/d4f13db3d47b0f7e8fbee866d2afaf0c.webp 1160w, https://cdn.thebittimes.com/images/2023/09/01/d4f13db3d47b0f7e8fbee866d2afaf0c.webp 1271w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    ProShares Bitcoin Strategy ETF [BITO] by TradingView 
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 <p><strong>Also Read: Grayscale Investors Can Get Exposure to Bitcoin Cash At Merely $0.007</strong></p> 
 <p>According to several experts, including Bloomberg Intelligence’s Senior <a rel="noopener noreferrer nofollow" title="ETF" href="https://thebittimes.com/tag/etf.html">ETF</a> Analyst Eric Balchunas, when the spot Bitcoin <a rel="noopener noreferrer nofollow" title="ETF" href="https://thebittimes.com/tag/etf.html">ETF</a>s eventually get the go-ahead, investors will flock from <a rel="noopener noreferrer nofollow" title="BITO" href="https://thebittimes.com/tag/bito.html">BITO</a> to the new vehicles. This could result in a business share loss for the U.S.’s first <a rel="noopener noreferrer nofollow" title="futures" href="https://thebittimes.com/tag/futures.html">futures</a> BTC <a rel="noopener noreferrer nofollow" title="ETF" href="https://thebittimes.com/tag/etf.html">ETF</a>. Spot delays are conducive for <a rel="noopener noreferrer nofollow" title="BITO" href="https://thebittimes.com/tag/bito.html">BITO</a> because it can continue commanding a significant share of the BTC <a rel="noopener noreferrer nofollow" title="ETF" href="https://thebittimes.com/tag/etf.html">ETF</a> market. So, why is <a rel="noopener noreferrer nofollow" title="BITO" href="https://thebittimes.com/tag/bito.html">BITO</a>’s price reacting ironically and dropping?</p> 
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    <p lang="en" dir="ltr">$<a rel="noopener noreferrer nofollow" title="BITO" href="https://thebittimes.com/tag/bito.html">BITO</a> traded over $800m worth of shares yest, most since its famous Day One billion dollars. Ironic how $<a rel="noopener noreferrer nofollow" title="BITO" href="https://thebittimes.com/tag/bito.html">BITO</a> is benefitting from optimism over spot approvals but then will likely lose business to spot <a rel="noopener noreferrer nofollow" title="ETF" href="https://thebittimes.com/tag/etf.html">ETF</a>s when they actually launch. h/t @psarofagis pic.twitter.com/NsIBqu5eDC</p>— Eric Balchunas (@EricBalchunas) August 30, 2023 
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 <p><strong>Also Read: Bitcoin Derivatives Volume Rises to $1.4 Million</strong></p> 
 <h3 class="wp-block-heading" id="h-bito-btc-correlation">BITO-BTC Correlation</h3> 
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 <p>First, the SEC’s ‘delay’ call was not something that just happened out of the blue. It was expected and perhaps already priced in. Additionally, it is important to keep in mind the fundamentals. BITO is an ETF that tracks the price of BTC fairly well. In fact, it shares a correlation of 0.99 with BTC’s spot price. Even historically highly correlated assets like Ethereum do not share such a close bond with BTC.</p> 
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  <img decoding="async" width="1011" height="484" src="https://cdn.thebittimes.com/images/2023/09/01/9ea29bf779482d4e419f56ee5d565948.webp" alt="" class="wp-image-109969" srcset="https://cdn.thebittimes.com/images/2023/09/01/9ea29bf779482d4e419f56ee5d565948.webp 1011w, https://cdn.thebittimes.com/images/2023/09/01/9ea29bf779482d4e419f56ee5d565948.webp 300w, https://cdn.thebittimes.com/images/2023/09/01/9ea29bf779482d4e419f56ee5d565948.webp 768w, https://cdn.thebittimes.com/images/2023/09/01/9ea29bf779482d4e419f56ee5d565948.webp 380w, https://cdn.thebittimes.com/images/2023/09/01/9ea29bf779482d4e419f56ee5d565948.webp 550w, https://cdn.thebittimes.com/images/2023/09/01/9ea29bf779482d4e419f56ee5d565948.webp 800w" sizes="(max-width: 1011px) 100vw, 1011px"> 
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    Blue BITO, Orange BTC | Source: Twitter 
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 <p><strong>Also Read: Binance to End BUSD Support by February 2024</strong></p> 
 <p>Furthermore, institutional sentiment continues to be bearish, with offloading numbers rising. Last week, Bitcoin-related investment products registered close to $150 million in outflows. Thus, as long as the sentiment is pessimistic and weakness in the macro BTC market persists, <a rel="noopener noreferrer nofollow" title="BITO" href="https://thebittimes.com/tag/bito.html">BITO</a> will likely continue dropping.</p> 
 <p><strong>Also Read: Stroom to Launch Bitcoin Staking on Lightning: Raises $3.5 Million</strong></p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>bitcoin</li> 
  <li>BITO</li> 
  <li>ETF</li> 
  <li>futures</li> 
  <li>ProShares</li> 
 </ul> 
</div> 
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/u-s-s-first-futures-bitcoin-etf-reacts-ironically-nullifies-7-spike-tbt61186.html">https://thebittimes.com/u-s-s-first-futures-bitcoin-etf-reacts-ironically-nullifies-7-spike-tbt61186.html</a></p>

U.S.'s First Futures Bitcoin ETF Reacts Ironically: Nullifies 7% Spike

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