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ProShares’ Bitcoin ETF Surpassed Grayscale’s GBTC in Daily Volume

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Today’s Cryptocurrency Headline

The ProShares Bitcoin Strategy exchange-traded fund (BITO) has surpassed the Grayscale Bitcoin Trust (GBTC) in daily volume, according to data provided by Bloomberg’s Eric Balchunas. The first U.S. futures-based Bitcoin ETF traded under the ticker BITO has an average daily volume of $170 million. GBTC, the crown jewel of top cryptocurrency fund managers, recorded $137.9 million.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to CoinShare, digital asset investment products saw inflows totalling US$15m last week, while total assets under management (AuM) recovered from their year and a half lows to US$36.2bn. Bitcoin is down -1.66% over the last 24 hours and fell to an intraday low of $20,257.49. The largest cryptocurrency turned down from $22,500 on July 8 and closed below the 20-day exponential moving average (EMA) ($21,202) on July 10, suggesting the bears are selling on the rally. The relative strength index (RSI) dropped below the 50 mark, indicating an advantage to the sellers. The bears are likely to pull the price below the psychological level of $20,000 once again, and the bulls must hold the price above this vital level.

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