ProShares’ Bitcoin ETF outperforms Grayscale’s GBTC in terms of trading volume…Details here
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Answer ProShares’ Bitcoin ETF outperforms Grayscale’s GBTC in terms of trading volume…Details here
The “ProShares Bitcoin Strategy” exchange-traded fund outperformed the “Grayscale Bitcoin Trust” in terms of daily trading volume, according to for data Presented by Eric Balchonas of Bloomberg.
The first US ETF based on Bitcoin futures, which is traded under the name “BITO”, averaged $170 million per day.
While GBTC, which is the crown jewel of the largest crypto asset manager “Grayscale”, recorded $137.9 million per day.
Bitcoin ETFs have been hit, along with the largest cryptocurrency’s price taking a hit.
After its flagship debut last October, the BITO fund has suffered from waning interest, with its trading volume down nearly 66% since its launch.Read:Bitcoin Price Falls 14%, Analysts Divided On Next Move
But despite this, the fund still records very good numbers, according to “Balchonas”.
Globally, BITO and GBTC outperform other ETFs linked to cryptocurrency around the world.
Grayscale failed to convince the SEC to approve its request to convert GBTC into a spot bitcoin ETF.
As a result, GBTC trading volume collapsed to a record high of 35%.
Grayscale filed a lawsuit against the authority.
On the other hand, the first ETF to track the price of bitcoin in reverse (i.e., follow and bet on the bitcoin price going down) saw decent trading volume.
The “ProShares Short Bitcoin Strategy ETF (BITI)” enjoyed a successful launch, increasing its trading volume by nearly 300% in a week.
Balchonas told BITI that the BITI numbers are perfectly healthy, although they may seem small compared to the size of what the BITO has recorded.Read:Find out how much XRP is left for Ripple co-founder Jad McCaleb
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