After weeks of waiting, VanEck's Bitcoin Strategy ETF XBTF began trading on the Chicago Board of Exchange and had a trading volume of $4.6 million, compared to other similar ETFs that began trading last month.
The shares of XBTF had closed on the day at around $59.73 and had been traded 44,698 times, which was roughly $4.8 million and also saw $10 million in assets under management AUM Judging. This means that the VanEck sETF was only able to draw interest from investors who had swamped the ProShares Bitcoin StrategyETF on its opening day. ProShares recorded a trading volume of $1 billion on its opening day.
Tommy Horan, Head of Corporate Partnerships at Australian exchange Swyftx, acknowledged that the VanEck launch was weak but said there was nothing to worry about. He believes that theETF could be able to draw more inflows by the end of next quarter because of the lowering of its fees.
Eric Balchunas, the senior ETF analyst at Bloomberg, said that XBTF's trading volume would still be among the top 10% of the year, but the feat would be overshadowed by competitors like Proshares and Valkyrie, who were able to pull $1 billion and $78 million respectively.
The Securities and Exchange Commission SEC approved the listing of the ProShares ETF in the United States last month. The commission has approved two other ETFs VanEck and Valkyrie for the market since its approval.
The acceptance of these investment vehicles shows the growing maturity of the space, according to analysts and market experts who argue that the approvedETFs may not really track Bitcoin's price nor provide a direct exposure to the digital asset.