Bitcoin Futures ETF Frenzy Is Fading Fast as Another Fund Debuts

A third U.S. Bitcoin futures exchange-traded fund entered the market -- just as demand has dropped off.

The VanEck Bitcoin Strategy ETF (ticker XBTF) launched Tuesday, roughly one month after the ProShares Bitcoin Strategy fund (BITO) became the first of its kind to start trading and debuted to record-setting demand.

While the ProShares fund absorbed $1.1 billion in just two days -- the quickest an ETF has ever done so -- that pace of growth has cooled considerably. Assets have lingered between $1.3 billion and $1.4 billion for the past several weeks, according to data compiled by Bloomberg. ...