The recently-launched short Bitcoin (BTC) exchange-traded fund (ETF) BITI saw higher trading volumes recently compared to its launch week. The peak in volume up until now taken place as liquidations of leveraged bitcoin long positions reached its greatest in near to 2 weeks.
Judging from trading information from NYSE Arca and Trading View, more than 1.5 m shares of BITI was traded on June 30, comprising roughly USD 65.2 m in trading volume. The day marked the peak in volume for the ETF up until now, after rather soft interest from traders throughout the very first week.
On its very first day of trading on June 21, BITI saw simply 183,284 shares traded, worth roughly USD 7m. That was followed by a spike to 870,000 shares, or USD 35m, on day 2.
During its 2nd week of trading, BITI saw its trading volume boost day by day, prior to a small drop in volume on the last day of the week on July 1. Following the fourth of July vacation, the marketplace opened once again with high volume in the ETF on Tuesday the 5th, prior to interest simply put bitcoin direct exposure fell considerably on the sixth, as bitcoin area costs increased.
BITI cost and volume:
Not remarkably, maybe, is that the trading volume in the short bitcoin ETF is fairly carefully associated to the area cost of bitcoin.
BTC area cost and BITI volume:
Worth keeping in mind, nevertheless, is that the ETFs trading volume on the very first day comprised just a small portion of the USD 1bn in volume that was seen on the very first day of trading for BITO, the very first routine bitcoin futures-backed ETF to release in the United States.
In regards to overall possessions under management, BITI on Friday recently had a net short direct exposure equivalent of BTC 3,811 (roughly USD 75m), making it the second-largest United States bitcoin-related ETF, Arcane Research stated today.
The 3rd and 4th biggest bitcoin ETFs in the United States are the routine ‘long’ bitcoin ETFs from Valkyrie (BTF) and VanEck (XBTF), with overall net possessions of USD 18.5 m and USD 17.8 m.
Volume peak accompanies long liquidations
The peak in trading volume for BITI that was seen on June 30 accompanied an uptick in liquidations of leveraged bitcoin long positions. According to information from Coinglass, long liquidations reached USD 75.8 m on that day, the greatest level in 12 days.
Leveraged BTC liquidations:
Compiled by Coinbold.