ProShares’ first short bitcoin ETF got off to a very slow start at launch on June 21st but picked up momentum with a 380% increase in trading volume on its second day.

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On launch day, June 21, ProShares (BITI) bitcoin short strategy exchange-traded fund sold a lackluster 183,300 shares, Bloomberg ETF analyst Erik Balciunas noted in a report. tweet was “less than 1% of the volume $ BITO was at this time on the first day.

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However, trading volume nearly quadrupled the next day to 886,200 shares, worth about $36.2 million. according at Yahoo Finance.

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The BITI Exchange Traded Fund (ETF) allows investors to short positions in the bitcoin market without owning BTC themselves. Shorting means speculating that the value of the market or asset will fall.

ProShares CEO Michael L. Sapir said volume on the second day is indicative of demand and BITI’s low fee structure.

“The reception that BITI is receiving in the market confirms investor demand for a convenient and cost-effective ETF to potentially make a profit or hedge their crypto holdings when bitcoin drops in value.”

ProShares also provides the Bitcoin Strategy ETF (BITO), which was launched on October 18th. The volume of BITO on the first day of trading was about $1 billion.

By November, BITO volume was one of the top 2% ETFs of all ETFs, but has now lost 50.93% of its value since inception.

Of course, $36 million pales in comparison to the $1 billion long positions on the first day. This may mean that most investors are not sure if there is a further downturn. Over the past 30 days, the largest cryptocurrency by market capitalization has lost more than 30% of its value.

BITI’s relatively poor performance on launch day drew derision from the CFA at James Seyffart’s Bloomberg Intelligence. On June 21, Seiffart tweeted that during the first hour of trading, BITI only made about $1 million.

Seyffart said that he expected the initial volume to be low, but “Yeah, definitely not saying it’s a surprise. Although, I must admit, I’m a little surprised that it’s THAT low.”

By the end of the day, BITI had sales of about $7.1 million at a daily average price of $39.06 per share.

Elusive Bitcoin ETF: Hester Pierce Criticizes Lack of Legal Clarity on Cryptocurrency

New Bitcoin ETFs in Australia also failed to generate interest. In April, the Cosmos Purpose Bitcoin Access ETF (CBTC) was expected to attract $1 billion in inflows. However, the launch days of the ETFS 21Shares Bitcoin ETF (EBTC) have been delayed until May 12th. To date, CBTC has only $810,000. resources under control until EBTC has $2.8 million.

US traders are still hankering after the spot bitcoin ETF that the Securities and Exchange Commission has denied for years. Commissioner Hester Pierce believes that a Bitcoin spot ETF could be launched in the US when industry insiders and regulators work closely to ensure both are on the same page.