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:

“The reception that BITI is getting in the market affirms investor demand for a convenient and cost-effective ETF to potentially profit or hedge their cryptocurrency holdings when bitcoin drops in value.”

ProShares also provides the Bitcoin Strategy ETF (BITO), which launched on October 18. BITO saw about $1 billion in volume on its first day of trading.

By November, BITO’s volume was among the top 2% of all ETFs but has now lost 50.93% of its value since inception.

Of course, $36 million pales in comparison to the…