Since the spot Bitcoin ETF began trading in the United States on January 11, trading volume of the Bitcoin futures ETF ProShares Bitcoin Strategy ETF (BITO) has significantly decreased. According to data tracked by cryptocurrency exchange Coinbase, on Thursday, BITO stocks worth slightly over $500 million changed hands on the New York Stock Exchange, a 75% drop from the record of $2 billion set on January 11. According to data from ETF.com, BITO had a net outflow of over $270 million during the same period. Meanwhile, according to Coinbase data, 11 spot ETFs had a cumulative trading volume of $14 billion in the first week, exceeding all other ETFs launched in 2023. These funds have raised over $1.2 billion in investor funds within a week of their establishment.
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Proshares Bitcoin ETF trading volume plummets 75% since spot Bitcoin ETF approval
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