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Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, reports that BITA became effective on Friday afternoon, paving the way for an imminent launch potentially as soon as Thursday. Balchunas highlights BITA as the anticipated follow-up to IBIT, noted for being the fastest-growing ETF to date by assets under management.
Balchunas has previously compared Bitcoin’s reaction to large sales with the market turbulence seen during the taper tantrum, following Michael Saylor’s sale of holdings in a recent market commentary. Separately, he reported that VOO became the first ETF to reach $1 trillion in assets in the past year. These developments highlight Balchunas’s ongoing focus on both cryptocurrency and ETF market milestones.