Ethereum also rose more than 6% to cross back over the $4,000 level. The world’s second-largest cryptocurrency traded at $4,080.84 approaching its all-time intraday high of 4,380 in May.
The ProShares Bitcoin Strategy ETF, which tracks bitcoin futures contracts speculating on the future price of the cryptocurrency, rose nearly 5% on its first day of trading Tuesday.
Not everyone in the crypto market was impressed. Several bitcoin investors want an ETF that tracks spot prices rather than futures.
Novice investors have had to get to grips with terms like “contango,” where the futures price of a commodity is higher than its spot price, and “backwardation,” which is essentially the opposite.