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Bitcoin Hits All-Time High Above $66K on Strength of ProShares ETF Debut
The latest rally appears fueled by the successful debut on Tuesday of the first U.S. bitcoin futures exchange-traded fund.
Bitcoin, the world’s largest cryptocurrency by market capitalization, has hit a new all-time high above $66,000, marking a full recovery from a months-long slump and extending the year’s gains to nearly 130%.
The cryptocurrency pushed past the previous price record of $64,889 set in April and was changing hands at $66,685 as of 15:44 UTC (11:44 a.m. ET).
STORY CONTINUES BELOW
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The largest cryptocurrency appears to have gotten a push on Tuesday from the launch of the ProShares Bitcoin Strategy ETF, the first exchange-traded fund approved by the U.S. Securities and Exchange Commission to invest in bitcoin futures.
The new fund, traded on the New York Stock Exchange under the ticker BITO, hauled in $570 million of assets on its first day and racked up $1 billion of trading volume, ranking it among the most successful launches of all time.
In the coming weeks, several more bitcoin futures-based ETFs may debut in the U.S., opening the potential for savvy U.S. crypto investors to partake in what is known as a “cash and carry” arbitrage strategy.
These ETFs would buy bitcoin futures contracts, on regulated venues such as the Chicago Mercantile Exchange (CME), in an attempt to replicate the cryptocurrency’s price performance instead of purchasing actual bitcoin.
Read more: First Bitcoin Futures ETF ‘BITO’ Tops $1B Trading Volume on First Day
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
Bradley Keoun
Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.
