After a bitcoin rally brought the asset’s price above $35,000 late Monday, trading volumes for the first and largest US bitcoin futures fund soared Tuesday.
The ProShares Bitcoin Strategy ETF (BITO) — the first US fund to hold bitcoin futures contracts — saw volumes amounting to 21.1 million shares on Monday, up from its average volumes of about 8 million shares.
That number rose Tuesday, as 32.5 million shares of BITO had traded as of 2:30 pm ET, according to Nasdaq data. BITO’s price was $17.20 at that time, making the volumes’ value worth roughly $557 million on the day so far.
The ETF’s Tuesday volumes were poised to easily surpass the 33.5 million shares…
Read more on Blockworks