Main navigation

ProShares' Bitcoin ETF Surpasses Grayscale's GBTC in Trading Volume; What About Its Inverse?

Mon, 07/11/2022 - 15:48
article image
Alex Dovbnya
Grayscale has sued SEC after regulator did not approve its bid to launch first Bitcoin ETF
ProShares' Bitcoin ETF Surpasses Grayscale's GBTC in Trading Volume; What About Its Inverse?
Cover image via
Read U.TODAY on
Google News

The ProShares Bitcoin Strategy exchange-traded fund has topped Grayscale Bitcoin Trust in terms of daily trading volume, according to data provided by Bloomberg's Eric Balchunas.

Image by @EricBalchunas

The first U.S. futures-based Bitcoin ETF, which is trading under the BITO ticker, logged an average of $170 million per day.

GBTC, the crown jewel of the top cryptocurrency money manager, recorded $137.9 million.

Bitcoin ETFs got pummeled, together with the price of the largest cryptocurrency. After its blockbuster debut in October, ProShares' BITO suffered from waning interest, with its volume declining by roughly 66% since its launch. With that being said, the investment product is recording very decent numbers, according to Balchunas.

Hyundai Dives Deeper Into Metaverse with NFTs, Virtual Clothing and More
Both BITO and GBTC blow other cryptocurrency-linked ETFs around the world out of the water.

As reported by U.Today, Grayscale failed to convince the SEC to approve its application to convert GBTC into an ETF. As a result, GBTCэs discount collapsed to a record 35%. The leading crypto money manager swiftly filed a lawsuit against the agency, decrying the highly anticipated rejection.

The first inverse Bitcoin ETF is seeing "healthy volume"

Last month, ProShares launched the world's first short Bitcoin ETF that makes it possible for investors to bet against the world's largest cryptocurrency.

The ProShares Short Bitcoin Strategy ETF (BITI) enjoyed a successful launch, with its volume growing by about 300% within a week.

Balchunas claims that BITI's numbers are "quite healthy," even though they may appear small in comparison to the mammoth volume recorded by BITO after its debut.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at