Since the approval of the spot Bitcoin ETF, the trading volume of Proshares Bitcoin ETF has plummeted by 75%

Since the spot Bitcoin ETF began trading in the United States on January 11, the trading volume of ProShares Bitcoin Strategy ETF (BITO) has significantly decreased. According to data tracked by cryptocurrency exchanges, on Thursday, BITO stocks worth slightly more than $500 million changed hands at the New York Stock Exchange, a 75% drop from the record $2 billion set on January 11. According to data from ETF.com, BITO saw net outflows exceeding $270 million during this period. Meanwhile, according to CEX data, the cumulative trading volume of 11 spot ETFs reached $14 billion in their first week - a figure that surpasses all other ETFs launched in 2023. These funds have raised over $1.2 billion in investor capital within one week since their establishment.