Home » Bitcoin Crickets on day 1, but Proshares short Bitcoin ETF volume up 380% on day 2 Bitcoin Reading 2 min Views 2 A slow first day of trading on the short Bitcoin ETF may have been nothing but a slight hiccup in ProShares’ newest product as volumes grew on the second day. The first short Bitcoin (BTC) exchange-traded fund (ETF) from ProShares got off to a very slow start on its Tuesday launch but gathered pace by increasing trading volume by 380% on day two. On launch day on Tuesday, the ProShares Bitcoin Short Strategy ETF (BITI) traded a lackluster 183,300 shares, which ETF analyst at Bloomberg Eric Balchunas noted in a tweet was “less than 1% of the volume $BITO had at this time on Day One.” However, the next day’s trading volume jumped nearly four times to 886,200 shares, worth about $36.2 million, according to Yahoo Finance. ProShares #Bitcoin short strategy ETF (BITI) trades over 870k shares, 35 million value, on second trading dayhttps://t.co/gyfMcm4UOz — unfolded. (@cryptounfolded) June 22, 2022 The BITI exchange-traded fund allows investors to take short positions on the Bitcoin market without holding BTC themselves. Shorting means speculating that the value of a market or asset will fall. ProShares CEO Michael L. Sapir talked up the volume on day two as indicative of demand and the low fee structure of BITI: So.. $BITI, the Proshares inverse #Bitcoin futures ETF that launched today is off to a pretty slow start based on its volume. Granted it didn't start trading till about 9:57 AM. Sooo we have an hour of trading and only $1 million in total trading volume… https://t.co/Hf0XFeGmsX — James Seyffart (@JSeyff) June 21, 2022 By close, BITI had done about $7.1 million in volume at a daily average price of $39.06 per share. Australia’s new Bitcoin ETFs have also struggled to attract interest. In April, the Cosmos Purpose Bitcoin Access ETF (CBTC) was expected to attract $1 billion in inflows. However, it and the ETFs 21Shares Bitcoin ETF (EBTC) launch days were delayed until May 12. To date, CBTC only has $810,000 assets under management, while EBTC has $2.8 million. American traders still yearn for a spot Bitcoin ETF, which the United States Securities and Exchange Commission has denied for years. Commissioner Hester Pierce believes a Bitcoin spot ETF can be launched in the U.S. when industry insiders and regulators cooperate closer to ensure that both are on the same page.