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Seeking Alpha 2021-10-20 15:51:12

ProShares Bitcoin Strategy ETF rallies for second day on surging volume

ProShares Bitcoin Strategy ETF rallies for second day on surging volume

The ProShares Bitcoin Strategy ETF (NYSEARCA:BITO) is back at it again, rallying on Day 2 of trading and already +4.32% on heavy volume on Wednesday morning action. As of 11 a.m. ET, BITO led all ETFs with over 12M shares already exchanging hands. Also in just the first fifteen minutes of Wednesday's market session, BITO had witnessed $200M of total trade volume. On Day 1 of trading, BITO recorded just under $1B of total trade volume, making it the second-largest ETF launch ever. The fund attracted $570M in inflows. BITO is continuing its upward trajectory Wednesday off the back of strength for its underlining asset Bitcoin (BTC-USD). BTC broke through the $66K handle on Wednesday to hit all-time highs and was approaching $67K at last check. From a price action standpoint, Bitcoin is $66,755 and +6.73% on Wednesday. For market participants looking to learn more about BITO, see Seeking Alpha’s step-by-step educational guide for investing in the new ETF.

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