Sunday, December 5

This is how Bitcoin behaved on the day of launching its first ETF

Today saw the launch of the first Bitcoin ETF, a product that has been highly anticipated in the crypto ecosystem and even in traditional markets.

In this case, it is a regulated product on the US stock market, managed by ProShares and its label on the stock market is BITO.

It works as a very good alternative for those investment funds and large capitals that were interested in BTC, but could not buy it due to problems with the regulatory framework, or simply due to inconveniences involved in securing large amounts of cryptocurrencies.

At the time of writing, the price of BTC is $ 63,947.35, accumulating a profit of 3.15% during the last 24 hours. A new all-time high is now around the corner.

This is how the price of the Bitcoin ETF behaved on the day of its launch

Just hours after the launch, we don’t have much to try to forecast yet.

However, it is worth reviewing what happened, as the price is leaving clues, no matter how few.

During the first few minutes after launch, the Bitcoin ETF quickly peaked at $ 42.09, but quickly the gains would be engulfed by downward pressure, driving the price even lower than the initial point.

Later as the volume increased it started to progressively rise and now we see a clear intraday uptrend that promises to continue to drive the price higher.

The closing price was $ 41.90, and it is quite likely that tomorrow we will see a new high.

It is worth noting that the daily volume was over $ 1 billion, making it one of the best performing ETFs on the day of its launch.

Bitcoin ETF offered by ProShares. Source: TradingView.

A new all-time high for Bitcoin is more than likely

It was to be expected that the launch of this product will boost the demand for BTC.

The price had already been leaving us bullish signals for the short term, the launch of the Bitcoin ETF what it did was to detonate volatility.

The short-term trend is clearly bullish, and the all-time high is now nowhere to be seen.

In the next few hours a new price record will be reached. The medium-term momentum has already gone a good way, but it is very likely that it will extend well further before giving way to a relevant correction.

All our publications are informative in nature, so in no case should they be followed as investment advice.