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.
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The launch of the ProShares Bitcoin Strategy ETF is officially a hit with investors.

The ETF, which gains exposure to bitcoin via futures contracts rather than owning it outright, saw more than 24 million shares trade hands in its trading debut on Tuesday, according to Bloomberg data. 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 Invesco QQQ Trust ETF 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 tweeted on Tuesday.

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 could help drive bitcoin to $168,000, he said.

The ProShares Bitcoin Strategy ETF trades under the ticker symbol "BITO" and has an annual expense ratio of 0.95%. The ETF traded up as much as 5% in Tuesday trades, while bitcoin was up about 1%.