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Record Volumes for Bitcoin ETF Exploration

Key points:

  • The ProShares Bitcoin Strategy ETF (BITO), launched in 2021, is experiencing almost record-breaking trading activity.
  • The Grayscale Bitcoin Trust (GBTC) is following the trend with a volume of $800 million.
  • These movements are fueled by speculation about the launch of Bitcoin spot ETFs.

Record volumes for the ProShares Bitcoin Strategy ETF

The recent speculations about possible regulatory changes in the United States have sent shockwaves through the cryptocurrency industry. This anticipation has notably led to a significant increase in the trading volume of Bitcoin investment products.

According to a recent tweet by analyst Eric Balchunas, the ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF in the United States, recorded $1.7 billion in trades last week. This volume is the second highest since its launch.

A reduction in the discount for Grayscale’s GBTC product

Balchunas also notes that Grayscale Bitcoin Trust (GBTC) is not lagging behind. In fact, it recorded a $800 million volume, reducing its discount compared to the Bitcoin SPOT price to unprecedented levels in two years. This reduction in the discount could indicate a renewed interest in BTC-related investment products, even in the absence of a Bitcoin spot ETF.

These numbers suggest that the market is ready for more direct exposure methods to Bitcoin. The current enthusiasm could be a precursor to the approval of a BTC Spot ETF in the United States. If the ETF proposals are accepted, this could mark a crucial step in the democratization of cryptocurrency investment.

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