BITO volumes soar Tuesday in midst of BTC price rally

Roughly 32.5 million shares of the largest US bitcoin futures ETF had traded as of 2:30 pm ET Tuesday — about four times its daily average


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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 traded on Oct. 16. That day, bitcoin (BTC) quickly jumped from about $28,000 to $30,000 after an erroneous media report suggested the US Securities and Exchange Commission had approved BlackRock’s spot bitcoin ETF. 

The volumes seen during those two days in October are the most since Aug. 29. The ETF saw volumes of 58.3 million shares that day — reflecting optimism after Grayscale Investments’ court victory against the SEC.  

The high volumes early this week coincide with a bitcoin rally that appears to be in part spurred by optimism of spot bitcoin ETF approval. 

Read more: Is bitcoin’s ETF-fueled rally to $35K premature? Well, maybe

Fund issuers have been updating bitcoin ETF applications in recent weeks — moves industry watchers say signal continued dialogue with the SEC. Grayscale said Monday the firm intends “to move as expeditiously as possible” in its quest to convert its Bitcoin Trust (GBTC) to an ETF after the court formalized its legal victory over the regulator. 

Additionally, BlackRock’s planned iShares Bitcoin Trust (IBTC) was listed on the Depository Trust and Clearing Corporation (DTCC) website Monday before being taken off the list Tuesday

Gabor Gurbacs, director of digital assets strategy at fund group VanEck, said in a Tuesday X post that he doesn’t view the removal of IBTC from the DTCC website as bearish.

“Things are chugging along with arguably increased momentum,” he wrote. “Discussions happening. Questions are answered. Problems are being solved. To me it’s all directionally good news and the right type of industry and regulatory collaboration.”

Other bitcoin-linked ETFs saw increased interest amid the rally, with Volatility Shares’ 2x Bitcoin Strategy ETF (BITX) notching Tuesday volumes of more than 800,000 shares as of 2:30 pm ET, Nasdaq data shows. 

BITX volumes have reached 1 million shares just three times since its June launch, including on Oct. 16.

Volumes for the ProShares Short Bitcoin Strategy ETF (BITI) also spiked Tuesday, reaching 4 million shares with a couple hours left before market close — its highest level since Aug. 29. 

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