Bitcoin rose to a six-month high at around$ as the ProShares Bitcoin Strategy ETF (NYSE BITO), the first bitcoin- related exchange- traded fund to trade in theU.S., made its debut on Tuesday. 

 

 BITO ended the trading day up4.65 at near$41.80 per share. As of 402p.m. ET, shortly after the close ofU.S. stock requests on Monday, the ETF’s trading volume had reached23.9 million shares, worth further than$ 1 billion grounded on the ending price, ranking the investment vehicle as one of the top ETF launches in history. 

Dave Nadig, director of exploration at ETF Trends, twittered that trading in BITO appeared “ orderly” and “ stable” in the early moments after the ETF went live. 

 

 BITO is structured to invest in bitcoin futures contracts traded on the Chicago Mercantile Exchange, rather than investing in the cryptocurrency directly, which is one reason why some judges do n’t anticipate the fund to have a significant impact on BTC’s spot price. 

“ We don't anticipate the preface of futures ETFs to drive a price impact as significant as we'd see from a pure spot Bitcoin ETF vehicle,” Christopher Brendler, managing director at asset operation establishmentD.A. Davidson, wrote in an dispatch to CoinDesk. 

 

 Brendler also mentioned that contango can beget losses for some investors in commodity ETFs that use futures contracts. Contango occurs when the futures price of a commodity is advanced than the spot price. “ But these losses can be avoided by buying ETFs that hold factual goods,” Brendler wrote. 

 Rearmost Prices 

 Bitcoin (BTC)$,4.42 

 Ether (ETH)$,1.98 

 S&P 500$,0.74 

Gold$,0.33 

 10- time Treasury yield closed at1.63 

 Bullish price action 

 In the spot request, BTC was well bid, rising about 3 over the once 24 hours. Buyers remained active later snappily absorbing a large sell order on crypto exchange OKEx during Asian day trading hours on Tuesday, CoinDesk’s Lyllah Ledesma reported. 


 And price action suggests bitcoin may be approaching another bullish rally. 

 

 BTC recorded its loftiest weekly close on record last week, beating the$ weekly near on April 6, according to crypto exploration establishment Delphi Digital. “ Last week was one of the most decisive uptrends sinceJan. 2021,” the establishment wrote in a blog post. 


 Trading volume in the BTC options request accelerated over the once week, rising to$1.5 billion as investors anticipated the bitcoin futures ETF launch on Tuesday. 

 

 “ Options trade volume has only reached situations this high on three previous occasions, all at analogous price points ( around$ BTC) between March and May this time,” crypto data establishment Glassnode wrote in a blog post. 


 A maturity of positions appear to be call options, which gives the option buyer the right to buy the beginning asset in the future at a destined price. 

 

 The map below shows large open interest in call options with strike prices above$ BTC expiring at the end of the time. That aligns with the overall bullish request sentiment, according to Glassnode. 


 Altcoin roundup 

 DraftKings to come Polygon validator Sports laying giant DraftKings plans to work with the Polygon network to support the releases of customnon-fungible commemoratives and secondary- request deals in its rearmost move to tap into the crypto assiduity, CoinDesk’s Eli Tan reported. The cooperation will also allow DraftKings to contribute to Polygon’s governance, which gives token holders the option to suggest changes to the network after staking their commemoratives on the platform. Polygon expects DrafKing’s governance will start “ in the coming month,” a representative told CoinDesk. 

 Facebook’s Novi portmanteau goes live with Paxos stablecoin Novi, Facebook’s digital portmanteau attachment, will go live and allow druggies to trade the paxos bone (USDP) in a airman program in theU.S. and Guatemala. Crypto exchange Coinbase will give guardianship services for the program, CoinDesk’s Nikhilesh De reported. Facebook’s diem ( formerly libra) stablecoin is anticipated to launch with Novi “ once it receives nonsupervisory blessing and goes live,” according to a Facebook press release. 

Sequoia Games Brings Stoked Reality to Board Games Using Algorand Blockchain Algorand will be the digital tally for Sequoia Games’ new Flex NBA product, an National Basketball Association- certified board game that uses stoked reality, Eli Tan reported. Druggies produce registries using physical collectible penstocks called “ Flexagons,” which represent NBA players and are expressed as NFTs. It's the rearmost illustration of a company using blockchain technology in games.