Since the United States began trading spot Bitcoin ETFs, trading volume in the ProShares Bitcoin Strategy ETF (BITO) has dropped significantly by 75%. BITO is an ETF based on Bitcoin futures. Since the launch of the Bitcoin spot ETF in the United States on January 11, its trading activity has cooled significantly.
On January 11, BITO’s trading volume on the New York Stock Exchange reached a record $2 billion, but its trading volume only exceeded $500 million last Thursday. During this period, BITO’s net outflows exceeded $270 million. (CoinDesk)