The pioneer cryptocurrency is nearing a record high after topping $60,000 last week.

Its value dropped from nearly $64,000 in April to below $30,000 in July, establishing it as one of the most volatile financial instruments. The value is still more than double what it was in April.

The flagship crypto was trading near $64,000 on the FTX exchange at the time of writing this report, amid significant volatility seen across the market spectrum.

By the end of the first day, ProShares’ Bitcoin Strategy exchange-traded fund (BITO) had experienced the highest natural volume for an ETF

This ETF came in just behind Blackrock US Carbon Transition Readiness ETF, which garnered more than $1.16 billion in volume on its debut in April.

BITO opened at $40.88 on October 19 as an ETF backed by bitcoin futures. A total of 24.313 million shares changed hands in BITO’s first day, translating into a volume of just over $1 billion, according to TradingView data.

“BITO will allow investors who have a brokerage account and are comfortable buying stocks and ETFs to gain exposure to Bitcoin, but don’t want to manage a new account with a crypto provider or create a Bitcoin wallet, or worry that these providers may be unregulated and subject to security risks,” ProShares CEO Michael Sapir said on Monday

In comparison to opening individual accounts and trading directly on cryptocurrency exchanges or crypto trading platforms, the new futures-based ETF will be traded on NYSE and will feel more familiar to institutional investors.

Several other pending ETF proposals may also be approved by the SEC later this week after the Securities and Exchange Commission (SEC) approved the ETF on Friday.

As opposed to directly investing in bitcoin, the ProShares ETF invests in bitcoin futures contracts traded on the Chicago-based CME.

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