BITO, the first US-based bitcoin strategy ETF, notched close to $1 billion of trading volume on its first day. This marks the second most traded ETF on a first-day rollout in US history.
Despite the BTC price trading at similar levels to April 2021 before the big crash, underlying market dynamics are much different this time around. Funding rates and the basis on futures contracts draw stark differences between April and today.
In addition to the ETF news, the digital asset space saw many announcements today. Some of which include Coinbase partnering with the NBA, Facebook enabling remittance payments via its crypto wallet, and Riot Blockchain announcing the world’s first-ever industrial-scale, immersion-cooled BTC mining operation.
Finally, Element Finance turned heads with a Series A raise of $32 million led by Polychain Capital and includes a16z and others, bringing its valuation to $320 million.
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