ProShares Launches 5 Bitcoin-linked ETFs; Ron DeSantis's Presidential Bid Struggles in Iowa Caucus
Summary:
ProShares is preparing to launch five Bitcoin-related ETFs that provide indirect exposure to BTC. Their trading volume exceeds three times the volume of all 500 ETFs established in 2023. BlackRock’s iShares Bitcoin Trust leads with net inflows over the past three days, while Gayscale's Bitcoin fund leads in total trading volume. In political news, Florida governor, Ron DeSantis, lagged in the Iowa Caucus race, despite his popularity in Florida. His presidential campaign includes opposing central bank digital currencies (CBDCs).
ProShares is gearing up to introduce five Bitcoin exchange-traded funds (ETFs) that offer indirect BTC connections as the first week of local stock exchange Bitcoin ETF trading commences in the US. The proposed Bitcoin ETFs include ProShares Plus Bitcoin ETF and ProShares Ultra Bitcoin ETF, aiming to achieve daily investment returns mirroring a 1.5x and 2x growth from the BGCI's daily operation. The remaining three funds are the ProShares UltraShort Bitcoin ETF, ProShares Short Bitcoin ETF, and ProShares ShortPlus Bitcoin ETF, all seeking daily investment results that inversely reflect the BGCI's daily performance.
On January 16, the trading volume of the ten available spot Bitcoin ETFs outstripped the total volume of all 500 ETFs inaugurated in 2023 by more than triple the amount. In total, the recently sanctioned spot Bitcoin ETFs observed a combined trading volume exceeding $1.8 billion, with Grayscale, BlackRock, and Fidelity's funds contributing to $1.6 billion of this figure. Their collective volume surpasses the cumulative trading volume of $450 million achieved by 500 ETFs launched in the United States in 2023.
Of all the funds, BlackRock's iShares Bitcoin Trust witnessed the most net inflows, accumulating over $497 million in three days. All ten funds recorded a combined initial three-day trading volume of nearly $10 billion. Grayscale's Bitcoin fund championed in terms of total trading volume, achieving over $5.1 billion, although the fund experienced significant outflows as investors aimed to decrease exposure after its discount rates approached lowest in approximately three years.
Florida's governor and presidential candidate Ron DeSantis didn't fare well in the Iowa Caucus race, coming in second after ex-president Donald Trump. Although DeSantis thrives in popularity as Florida's governor, his nationwide presidential campaign still has ground to gain. Central to his presidential agenda is the prohibition of central bank digital currencies (CBDCs), including those of foreign origin.
Cryptocurrency and blockchain's role in the 2024 election remains to be seen, but according to the Crypto Council for Innovation's recent study, crypto users could potentially be a crucial voting demographic.
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Published At
1/17/2024 3:45:25 PM
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