The ProShares Bitcoin Strategy ETF (BITO), the largest US bitcoin futures fund, experienced a surge in trading volumes on Tuesday. Approximately 32.5 million shares of BITO were traded, which is four times its daily average. This increase in trading activity coincides with a rally in bitcoin prices and optimism regarding the approval of a spot bitcoin ETF. Other bitcoin-linked ETFs also saw increased interest, including Volatility Shares’ 2x Bitcoin Strategy ETF (BITX) and the ProShares Short Bitcoin Strategy ETF (BITI). The high trading volumes have resulted in the value of BITO’s shares reaching around $557 million for the day.
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