Bitcoin (BTC) hit $63,000 on October. 19 as the debut of the get-go regulated Bitcoin exchange-traded fund (ETF) saw solid uptake.

BTC/USD 1-hour candle nautical chart (Bitstamp). Source: TradingView

ETF launch sparks six-calendar month BTC highs

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting its highest levels since April 16 as the ProShares Bitcoin Strategy ETF began trading under the ticker BITO on the New York Stock Exchange.

BITO opened at just under $40, swiftly striking local highs of $42.09 in price discovery before consolidating.

The forcefulness of the launch served to allay fears that the market would conversely fall into the Usa open in what would institute a classic "purchase the rumor, sell the news" event.

Volatility was still rampant at the fourth dimension of writing, still, with commentators waiting to come across what would ultimately become of the ETF's first few hours.

Responding to separate criticism of the first two ETFs to launch, both based on Bitcoin futures, Kraken growth atomic number 82 Dan Held meanwhile argued that the same fears had surrounded the launch of those futures themselves in late 2022. Ultimately, they were unfounded.

Grayscale formally "kicks off" GBTC ETF conversion

In further ETF news, institutional investment giant Grayscale confirmed on Tuesday that it had applied to convert its flagship Bitcoin product to an ETF.

Related: 'All bears will die' — Bitcoin metric prepares to flip green for the first time in 6 months

The Grayscale Bitcoin Trust, which has traded nether the ticker GBTC, would trade under the new ticker BTC should information technology be approved.

"From where we sit, nosotros've never seen bigger maturity inside the digital asset ecosystem, and we're confident that this is the adjacent step in the journey of GBTC's lifecycle," CEO Michael Sonnenshein said in video comments.