ProShares' bitcoin futures ETF sees the 2nd-heaviest debut volume on record with 24 million shares traded

• The ProShares Bitcoin Strategy ETF saw big demand when it began trading on Tuesday.
• More than 24 million shares of the fund - ticker BITO - changed hands.
• That made it the second-biggest ETF debut on record.
• Sign up here for our daily newsletter, 10 Things Before the Opening Bell>$4.

The launch of $4 is officially a hit with investors.

The ETF, which gains exposure to $4 via futures contracts rather than owning it outright, saw more than 24 million shares trade hands in its trading debut on Tuesday, $4. That gives it the distinction of the second-most-traded fund launch of all time, generating more than $1 billion of turnover, Bloomberg found.

The launch easily beat the popular $4 launch in March of 1999, when $265 million was traded on its first day. The best ETF launch of all time is the BlackRock US Carbon Transition Readiness ETF, which launched in April of this year and saw a one-day turnover of more than $1 billion, according to Bloomberg.

"It [ProShares Bitcoin ETF] has legit shot at $1 billion and top spot," senior ETF analyst Eric Balchunas $4

And first-year inflows into the fund could exceed $50 billion, according to a Monday note from Fundstrat's Tom Lee. Such strong demand for the ETF $4

The ProShares Bitcoin Strategy ETF trades under the ticker symbol "BITO" and has an annual expense ratio of 0.95%. The ETF $4, while bitcoin was up about 1%.