Category: Eric Balchunas

Sources Say Valkyrie Bitcoin Strategy ETF Set to Launch on Nasdaq This Week

Sources Say Valkyrie Bitcoin Strategy ETF Set to Launch on Nasdaq This Week

After the Proshares Bitcoin Strategy exchange-traded fund (ETF) listed and smashed records in the first two days of trading, Vaneck’s bitcoin futures ETF was given the green light to start trading next week. Furthermore, sources say that the Valkyrie Bitcoin Strategy ETF is set to launch this week with a possible listing on Friday.
Proshares Bitcoin ETF Smashes Records
October is the month of bitcoin exchange-traded funds as the United States approved the first ETF last week. Proshares Bitcoin Strategy ETF (NYSE: BITO) listed on Tuesday and saw close to $1 billion in volume on its first day of trading.
The following day, BITO continued to perform remarkably and bitcoin (BTC) spot markets tapped a new lifetime price high at $67,017 per unit.

If $BITO keeps up this pace of inflows it wont have any futures left to buy by the end of the month due to pos limits (via rough back of envelope calc w/ @JSeyff ). https://t.co/KauFuaPzhb
— Eric Balchunas (@EricBalchunas) October 21, 2021

In fact, the senior ETF analyst for Bloomberg Intelligence, Eric Balchunas, explained how the bitcoin ETF was one of the fastest in history to capture $1 billion in assets. Balchunas said:
RECORD BREAKER: BITO assets up to $1.1b after today, making it the fastest ETF to get to $1b (2 days) breaking [gold’s] 18 [year] old record (3 days), which is poetically apropos.
Chart shared by senior ETF analyst for Bloomberg Intelligence, Eric Balchunas, on Wednesday.
Two Sources Say Valkyrie Bitcoin Strategy ETF Set to Launch Friday
Balchunas is one source that has said that the Valkyrie Bitcoin Strategy ETF is set to launch this week. In addition to statements from Balchunas, crypto reporter Danny Nelson confirmed with a Valkyrie spokesperson that the fund will begin trading on Friday after it “cleared the final regulatory hurdles.” Bloomberg’s senior ETF analyst also explained the news on Twitter.
“Just got word Valkyrie is changing the ticker back to BTF 🙁 SEC prob wasn’t a fan of BTFD. Also odds [are] growing they will launch tomorrow. Not final yet [though],” Balchunas said.
Then he corrected his tweet and noted that the Valkyrie ETF would list on Friday. “I had said this was launching [tomorrow] it’s actually going to be on Friday. Sorry about that,” the analyst further detailed.

The Valkyrie fund will leverage the ticker symbol “BTF” but there was talk about the company adopting the ticker “BTFD.” Unlike Proshares and Vaneck, the Valkyrie ETF will list on Nasdaq rather than the New York Stock Exchange (NYSE).
Valkyrie’s ETF was originally filed in August and the operating expenses per year are 0.95%, according to the pre-effective amendment filed Wednesday morning.
What do you think about the possibility of Valkyrie’s ETF launching this Friday? Let us know what you think about this subject in the comments section below.

Tags in this story

approval, bitcoin etf, bitcoin futures, Bloomberg Intelligence, BTF, BTFD, Danny Nelson, Eric Balchunas, ETF analyst, ETF Listing, nasdaq, NYSE, Proshares ETF, SEC, sec approval, senior ETF analyst, Valkyrie, Valkyrie Bitcoin, Valkyrie Bitcoin Strategy ETF, Valkyrie spokesperson, Vaneck ETF

Image Credits: Shutterstock, Pixabay, Wiki Commons, Eric Balchunas Twitter,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Bitcoin Futures ETF Exceeds Expectations, Trades $1 Billion On Day One

Bitcoin Futures ETF Exceeds Expectations, Trades $1 Billion On Day One

The numbers are in, and the Bitcoin Futures ETF had the biggest debut of the year. By far. We have to “exclude ETFs where their Day One volume was literally one pre-planned giant investor or BYOA,” but that’s fair. Apparently, the ProShares Bitcoin Strategy ETF got to the top naturally, via real trades by real people and institutions. Considering that just its approval by the SEC seemed to catapult Bitcoin’s price to the edge of an All-Time High, a question arises. How will the market react tomorrow? And the day after that?
Related Reading | Bitcoin ETF Check, What’s Next For BTC
But let’s avoid speculation and check Senior ETF Analyst for Bloomberg, Eric Balchunas’ charts:

If we don’t exclude ETFs where their Day One volume was literally one pre-planned giant investor or BYOA (not natural), it still ranks #2 overall. Here’s that list. The reason some of these shouldn’t be included IMO is they don’t really represent grassroots interest. pic.twitter.com/wmZiHnpFrS
— Eric Balchunas (@EricBalchunas) October 19, 2021

Considering the first-ever Bitcoin Futures ETF “also traded more than 99.5% of all ETFs,” it’s fair to say the launch was a huge success. What does it mean for the following ETFs? According to Balchunas, it’ll be hard for them to succeed. “Every day counts because once an ETF gets knows as ‘the one’ and has tons of liquidity, it’s virtually imposs to steal.” And, what does this mean for the market in general? NewsBTC already covered this question:
“Although these ETFs have attracted criticism for being backed by futures contracts and not the underlying asset, they could still have big implications for Bitcoin — allowing tax-sheltered and retirement accounts to easily get exposure, and potentially opening the cryptoasset to a much broader audience.”

The NYSE welcomes @ProSharesETF in celebration of the first U.S. Bitcoin-Linked ETF $BITO https://t.co/0qh0NDS2d4
— NYSE 🏛 (@NYSE) October 19, 2021

Why Is There A Bitcoin Futures ETF Instead Of A Bitcoin ETF?
Who better to answer this question than the SEC’s chairman himself, Gary Gensler told CNBC: 
“What you have here is a product that’s been overseen for four years by the U.S. federal regulator CFTC, and that’s being wrapped inside of something within our jurisdiction called the Investment Company Act of 1940, so we have some ability to bring it inside of investor protection.” 
So, the Bitcoin Futures ETF falls under the Commodity Futures Trading Commission jurisdiction. Plus, it tracks the Chicago Mercantile Exchange (CME) Bitcoin futures. And the SEC considers that the institutional support will protect the customer. According to them, the underlying asset, Bitcoin, is too volatile and subject to manipulation.
The first persons to propose a Bitcoin ETF in the USA, the Winklevoss twins, lament that when they did the price of Bitcoin was $68 and nowadays is $64K. “That’s almost a 1000x return in the meantime. I’m glad we got here, but it has taken too long.”

When @cameron and I first proposed a bitcoin ETF in July 2013, the price of bitcoin was $68.
Today, upon the launch of two bitcoin futures ETFs, the price of bitcoin is $64,000.
That’s almost a 1000x return in the meantime. I’m glad we got here, but it has taken too long.
— Tyler Winklevoss (@tyler) October 19, 2021

Also a skeptic of the Bitcoin Futures ETF‘s long term potential, Anthony Bertolino, VP of growth at iTrustCapital, told CNBC:
“The launch of the first bitcoin-linked ETF in the U.S. will bolster the broader crypto market and help an entirely new investor class experience the benefits of bitcoin as a legitimate asset. However, a derivatives-based bitcoin ETF is not where we want to be long-term.”

BTC price chart for 10/20/2021 on Forexcom | Source: BTC/USD on TradingView.com
What Are The ProShares Bitcoin Strategy ETF’s Characteristics?
The next few days will be crucial for this story. There’s a possibility that today’s demand was orchestrated, at least in part. If this happened, it’ll be very obvious in the following days. In any case, the fund’s official site defines the first Bitcoin Futures ETF as:
“ProShares Bitcoin Strategy ETF (BITO) is the first U.S. bitcoin-linked ETF offering investors an opportunity to gain exposure to bitcoin returns in a convenient, liquid and transparent way. The Fund seeks to provide capital appreciation primarily through managed exposure to bitcoin futures contracts.”
Related Reading | Grayscale Investments Set to File for Bitcoin Spot ETF as Competition Heats Up
And alerts the clients that “The fund does not invest directly in bitcoin,” and that “The price and performance of bitcoin futures should be expected to differ from the current “spot” price of bitcoin.” Forewarned is forearmed.
Featured Image: Screenshot of the ETF’s opening bell ceremony| Charts by TradingView

Proshares Bitcoin Strategy ETF Debut Captures Close to $1 Billion in Volume

Proshares Bitcoin Strategy ETF Debut Captures Close to $1 Billion in Volume

The first bitcoin exchange-traded fund (ETF) launched in the United States and smashed records on Tuesday, capturing close to $1 billion in total volume. Eric Balchunas, the senior ETF analyst for Bloomberg said that the Proshares Bitcoin Strategy ETF (BITO) definitely “defied expectations.”
Proshares Bitcoin ETF Commands Serious Volume
Proshares Bitcoin Strategy exchange-traded fund (BITO) did well on its first day, as it closed the day at 4:00 p.m. (EDT) at $41.94 per unit. Meanwhile, the price of bitcoin (BTC) soared on Tuesday, tapping a high of $64,367 on the crypto exchange Bitstamp fifteen minutes after the closing bell on Wall Street.
Proshares Bitcoin Strategy ETF (BITO) chart for October 19, 2021, the ETF’s first day of trading.
As the ETF shares swapped hands on the New York Stock Exchange (NYSE), BITO reached a daily high of over $42. Bloomberg Intelligence analyst James Seyffart tweeted at the end of the day: “Looks like the final tally is gonna be right around ~$990 million in trading for BITO on its first day trading.”
Eric Balchunas, the senior ETF analyst for Bloomberg, also tweeted about the action the Proshares Bitcoin Strategy ETF saw on Tuesday. “BITO just about $1 [billion] in total volume today (curr $993m but trades still trickling in),” Balchunas said. “Easily the biggest Day One of any ETF in terms of ‘natural’ volume. It also traded more than 99.5% of all ETFs ([including] some big [ones] like DIA, ARKK, SLV). It [definitely] defied our expectations.” The analyst added:
If we don’t exclude ETFs where their Day One volume was literally one pre-planned giant investor or BYOA (not natural), it still ranks #2 overall. Here’s that list. The reason some of these shouldn’t be included IMO is they don’t really represent grassroots interest.

While the Proshares bitcoin ETF had a decent day, bitcoin (BTC) spot markets also rampaged on October 19. BTC’s market cap swelled over $1.2 trillion on Tuesday and there’s been $42.4 billion in global trade volume throughout the day.
Balchunas stressed that the result of today’s first bitcoin ETF performance in the U.S., “makes life that much harder for the next in line ETFs to succeed.” He added: “Every day counts [because] once an ETF gets [known] as ‘the one’ and has tons of [liquidity], it’s virtually imposs to steal (see SPY, GLD).” Balchunas concluded:
What does this mean for assets? My guess is about half of this volume will end up as flows next two days. [Probably] looking at $750 [million] by end of week, something like that. Tomorrow’s volume will be interesting and how much it comes down to Earth vs [staying] high.
What do you think about the Proshares Bitcoin Strategy ETF (BITO) performance on Tuesday? Let us know what you think about this subject in the comments section below.

Tags in this story

1 billion, Bitcoin (BTC), bito, BTC, Eric Balchunas, ETF performance, ETF Volume, First Bitcoin ETF, First US Bitcoin ETF, James Seyffart, NYSE, nyse arca, October 19 debut, Proshares ETF, tomorrows volume, Wall Street

Image Credits: Shutterstock, Pixabay, Wiki Commons, Tradingview, various logos,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

New tickers and ARK filing shows Bitcoin futures ETF approval imminent: Analyst

New tickers and ARK filing shows Bitcoin futures ETF approval imminent: Analyst

Bloomberg’s senior ETF analyst says there are “good” signs that a Bitcoin ETF will soon be approved, pointing to Ark Invest filing for a Bitcoin futures ETF with an assigned ticker and Valkyrie updating its own ETF prospectus with a ticker. Cathie Wood’s Ark Investment Management LLC filed for a Bitcoin (BTC) futures ETF under the ARKA ticker, while Valkyrie has assigned its BTC futures prospectus with the BTF ticker. According to Bloomberg analyst Eric Balchunas, firms typically update their proposals when they have everything set and “ready for launch,” suggesting that Valkyrie may soon be given the green light by the U.S. Securities and Exchange Commission (SEC).Balchunas also pointed to Ark Invests’ Bitcoin futures ETF application on Oct. 13 in partnership with 21Shares and whiteAlpha Architect white label, noting that the assigned ARKA ticker was “another good sign” that the SEC was set to give a tick. People keep asking me what I’m looking for first to confirm SEC approval and it is these type of updated prospectus filings. That’s what happens right bf a launch, they fill in all the XXs and add ticker. That said, this is bitcoin so WTF knows for sure lol.— Eric Balchunas (@EricBalchunas) October 13, 2021Referring to Valkyrie’s ETF, the analyst added that he looks for “these type” of updated prospectus filings when determining whether an official SEC greenlight is incoming, and said that applicants often update the final details “right before” launch. He conceded that with the crypto sector, nothing is certain however.Permabear Mr Whale downplayed the significance of the Ark Invest news saying all Ark did was update its “ARKW ETF prospectus” to say that it may gain exposure to BTC via exchange-traded funds in Canada. However Ark’s latest ETF filing with the SEC has no mention of the word “Canada” and the application clearly outlines that the fund is seeking to invest in “exchange-traded Bitcoin futures contracts that are cash-settled in U.S. dollars” on the Chicago Mercantile Exchange (CME). ALSO notable, this is the second straight filing to not have the word “Canada” in it. It ONLY invests in futures no BTCC or GBTC options. Rumor is SEC no like that and wants them to be strictly futures. pic.twitter.com/l8KTxFtWH8— Eric Balchunas (@EricBalchunas) October 13, 2021

The price of BTC has surged 28% since the start of October to sit at around $57,500 at the time of writing. Many onlookers have attributed the recent pump to expectations that the SEC will soon approve a futures-based Bitcoin ETF. Related: SEC Chair Gary Gensler actually is pro-Bitcoin, Volt Equity CEO arguesBalchunas stated earlier this month that Bitcoin futures-backed ETFs have a high chance of being approved in October. He argued that they are regulated under the “40 Act” which is favored by the SEC as it offers greater consumer protections than physically-backed Bitcoin ETFs regulated under the “33 Act.”“Yes, the SEC has kicked can on Bitcoin ETF approval BUT that is for the physically-backed ones under ’33 Act,” he said and added: “The futures ETFs filed under the ’40 Act (which Genz loves) are very much alive and likely on schedule (we think 75% chance approved in Oct).”Opinions vary however and Todd Rosenbluth, senior director of ETFs and mutual fund research at research firm CFRA argued this week he believes that approval of a BTC futures ETF may be delayed until 2022. Speaking on CNBC’s ETF Edge, Rosenbluth stated that the current clouded regulatory landscape could cause further delays and that the SEC could be waiting to approve all the ETFs simultaneously to avoid a “first-mover advantage.”“It’s possible — in fact, we think it’s likely — that we’re going to see a delay of a Bitcoin futures ETF until 2022 until the regulatory environment is more clear,” he said.

Bitcoin ETF Approval Expected by Month’s End, Prominent Hedge Fund Puts More Weight Behind BTC

Bitcoin ETF Approval Expected by Month’s End, Prominent Hedge Fund Puts More Weight Behind BTC

The price of bitcoin soared past the $55K handle on Wednesday for the first time in four months giving proponents hope the crypto bull run has been re-ignited. Speculators are predicting a bitcoin exchange-traded fund (ETF) will be approved soon and some believe bitcoin will outperform other crypto assets this month.
ETF Analyst Eric Balchunas Discusses Bitcoin Exchange Traded Fund Approval Odds
While 13 digital currencies outperformed bitcoin (BTC) this past week, BTC has been a top performer gathering 34.2% over the last seven days. On Wednesday, statistics indicate that BTC gained more than 7% in value and tapped a daily high of $55,800.
One of the reasons behind bitcoin’s price spike is the rumor that an exchange-traded fund (ETF) may get the green light from the U.S. Securities and Exchange Commission (SEC). Bloomberg ETF analyst Eric Balchunas discussed his opinion of the possibility on October 2 and shared a screenshot of the odds. Balchunas also mentioned SEC chairman Gary Gensler, calling him “Genz,” and how he likes the futures version of the bitcoin ETFs.
“Yes, the SEC has kicked can on bitcoin ETF approval,” Balchunas tweeted. “BUT that is for the physically-backed ones under ’33 Act. The futures ETFs filed under the ’40 Act (which Genz loves) are very much alive and likely on schedule (we think 75% chance approved in Oct).”
The ETF analyst Balchunas’ odds are pictured below.
The odds shared by Bloomberg ETF analyst Eric Balchunas on October 2, 2021.
Titan Crypto Adds More Weight Behind Bitcoin
In addition to the odds from the ETF analyst, the mobile hedge fund and investment firm backed by a16z, Kevin Durant, Ashton Kutcher, and Will Smith, Titan, revealed that the actively managed crypto fund for Titan clients will be changing positions in the space to put more weight behind bitcoin.
“We’ve slimmed our other positions to put our weight behind bitcoin. We believe it’s bitcoin’s time to shine,” Titan said on Wednesday evening (EST). “After a very rocky end to September in the crypto markets, October has kicked off with meaningful gains. Some were surprised that bitcoin held $40K through September, despite an onslaught of bad news.” Titan added:
But — as noted in our previous updates — on-chain data continued to show bullish broader accumulation trends by institutional investors and whales, who seemed wholly unfazed in spite of heightened volatility. We’ve now seen bitcoin spike as high as ~$55K this week, but we see more room to run.
Chart via Titan’s research post published on October 6, 2021.
Titan gives four specific reasons why Titan researchers believe bitcoin’s value will “exponentially grow in October, while other crypto assets may plateau.” Titan’s reasons include:

“We believe bitcoin ETFs are coming: Approval of U.S.-based bitcoin futures ETFs could come as soon as this month, with promising comments from SEC Chair Gary Gensler.”
“Bitcoin is playing catchup: We’ve seen altcoins make new all-time highs over the last month, while bitcoin has consolidated between $40-50K. We believe Bitcoin is about to catch up to the pack.”
“Taking a pause from altcoin season: The Altcoin Season Index shows that altcoin season may have already reached a local peak, with the market returning to bitcoin season in the short term.”
“Institutional flows reversal: After suffering its longest run of institutional outflows, bitcoin has started to see strong inflows over the last two weeks. We believe this decisive turnaround in sentiment is due to growing confidence in the asset class among institutional investors. Once an institution buys bitcoin, you can generally expect them to HODL.”

Crypto Derivatives Exchange CEO: ‘Money to Rotate Into Bitcoin From Alts Going Forward’
The crypto derivatives exchange Delta Exchange and its CEO Pankaj Balani share a similar view that BTC is expected to outperform other crypto assets. “Bitcoin has spiked up after its seasonal correction in September,” Balani said in a note sent to Bitcoin.com News. “The price action looks very bullish given that there is strength in bitcoin despite weakness in the global macro. Bitcoin has also digested all the negative news that has come out of China in the past few weeks which is a very positive sign.” Balani added:
There has been fresh spot buying activity in bitcoin and looking at the price action we expect to see a fresh ATH in the coming weeks. We also expect bitcoin to outperform altcoins and the money to rotate into bitcoin from alts going forward.
What do you think about the prediction that the month of October will see bitcoin outperform other crypto assets? Do you think a bitcoin ETF will get approved? Let us know what you think about this subject in the comments section below.

Tags in this story

$55K, A16Z, Altcoin Season, approval, Ashton Kutcher, Bitcoin, Bitcoin (BTC), bitcoin etf, Bloomberg ETF analyst, BTC, Delta Exchange, Eric Balchunas, ETF Bitcoin, Gary Gensler, Genz, Kevin Durant, Odds, Pankaj Balani, SEC, sec approval, TITAN, Titan Crypto, Titan Hedge Fund, US SEC, Will Smith

Image Credits: Shutterstock, Pixabay, Wiki Commons, Titan, Bloomberg ETF analyst Eric Balchunas, Twitter,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

SEC Delays 4 Bitcoin ETF Deadlines — Regulator ‘Finds It Appropriate to Designate a Longer Period of Time’

SEC Delays 4 Bitcoin ETF Deadlines — Regulator ‘Finds It Appropriate to Designate a Longer Period of Time’

On Friday, the U.S. Securities and Exchange Commission (SEC) has delayed four bitcoin exchange-traded funds (ETF) deadlines for another 45 days. The regulator notes that the entity needs more time to decide on the ETF applications.
Global X, Kryptoin, Valkyrie, Wisdomtree Bitcoin ETF Deadlines Extended
The Kryptoin Bitcoin ETF, Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, and Wisdomtree Bitcoin Trust have all been delayed according to the latest SEC filing. ​​”The 45th day after publication of the notice for this proposed rule change is October 24, 2021,” the U.S. regulator’s filing details. While there’s been a large quantity of bitcoin ETFs filed in the U.S., the SEC has yet to approve any of them.
The SEC filing was published by the regulator’s assistant secretary J. Matthew DeLesDernier. “The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and any comments,” DeLesDernier details. The regulator adds:
Accordingly, pursuant to Section 19(b)(2) of the Act, Commission designates December 8, 2021, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change, as modified by Amendment No. 1 (File No. SR-Nasdaq-2021-066).

Speculators Expected a Bitcoin ETF Approval by the End of October
Many speculators thought that a bitcoin ETF would be approved this year. Bloomberg Analyst Eric Balchunas told the public on Twitter that he believed an ETF would be approved by the end of October. Balchunas emphasized that the Proshares Bitcoin ETF may be the likely candidate.
“New note out today from James Seyffart [on] how the Ether ETF withdrawals add to the likelihood that a bitcoin futures ETF will be launched by end of October with Proshares as favorite, [although] it could (and arguably should) be a group to avoid first-mover advantage,” Balchunas said. The Bloomberg analyst added:
We think ether withdrawal shows SEC has a nose in this [right now] and is in [regular] contact with issuers which should mean any kinks ironed out so that they can launch 75 days after filing. Further, ProFunds’ bitcoin MF was launched 77 days after filing. These are virtually [the] same thing.
As far as the four bitcoin ETFs that were delayed on Friday, they will have to wait a few more weeks patiently. “The Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved,” the SEC filing concludes.
What do you think about the SEC delaying four bitcoin ETFs on Friday? Let us know what you think about this subject in the comments section below.

Tags in this story

2021, Bitcoin, bitcoin etf, BTC ETF, Crypto, Eric Balchunas, Global X Bitcoin Trust, J. Matthew DeLesDernier, James Seyffart, Kryptoin Bitcoin ETF, October, Regulation, regulator, SEC, SEC Dep, sec regulation, Valkyrie XBTO Bitcoin Futures Fund, Wisdomtree

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Back to top