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The newly launched short bitcoin (BTC) exchange-traded fund ( ETF ) from ProShares with the ticker BITI saw a slow start in the market on its first day of trading, before interest picked up noticeably on the second day.

The ETF, which launched on Tuesday this week on the NYSE Arca exchange, on its first trading day on Tuesday saw a trading volume of USD 183,284 shares, worth approximately USD 7m.

The USD 7m trading volume for BITI on its first day makes up only a tiny fraction of the USD 1bn in volume that was seen on the first day of trading for BITO, the first regular bitcoin futures-backed ETF to launch in the US .

ProShares short bitcoin ETF first two days of trading (30 min chart): Unlike a regular bitcoin ETF, ProShares’ new short bitcoin ETF lets investors make money as bitcoin falls in price.

Commenting on Twitter on the launch day, James Seyffart, an ETF analyst at Bloomberg Intelligence, said that BITI had gotten off to “a pretty slow start based on its volume,” with only USD 1m traded after 1 hour on its first day.