Crypto

Bitcoin 1% away from all-time high, first bitcoin futures ETF closes with 5% gain

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ProShares Bitcoin Strategy ETF primarily invests in bitcoin futures contracts instead of the cryptocurrency itself

Ozan Kose/Agence France-Presse/Getty Images

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Bitcoin reached $64,309 on Tuesday, about 0.9% away from its all-time high of $64,889 in April, following the debut of ProShares Bitcoin Strategy ETF, the first bitcoin-linked exchange traded fund (ETF) in the U.S.

Bitcoin BTCUSD, -0.05% was trading at $63,930 late Tuesday afternoon New York time, up 4.22% over the past 24 hours, according to CoinDesk data.

ProShares Bitcoin Strategy ETF BITO, +4.85%, which is traded at the New York Stock Exchange, closed with an almost 5% gain, trading at about $42.

The ETF primarily invests in bitcoin futures contracts, which bet on the future prices of bitcoin, instead of the cryptocurrency itself.

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Frances Yue

Frances Yue covers the cryptocurrency market as a Reporter for MarketWatch.