Since its launch on Oct. 19, ProShares’ Bitcoin (BTC) futures exchange-traded fund (ETF) has been a popular choice with traders, rising to the top 2% of all ETFs in terms of total trading volume.

Bloomberg senior ETF analyst Eric Balchunas noted on Thursday that the ProShares Bitcoin Strategy ETF (BITO) had $400 million worth of shares traded on Wednesday, with its average volume consistently putting it in the top 2% of all ETFs.

BITO has seen roughly $112.79 million combined inflows over the past nine days. While the figure pales in comparison to the first two days of the fund’s listing that saw $567.16 million and $489.51 million worth of inflows, respectively, Balchunas noted that “this kind of consistent flow-age is highly rare” for a newly launched ETF.

BITO launched on the New York Stock Exchange on Oct. 19 and has since accumulated more than $1.4 billion worth of assets under management. Investor appetite for the fund remains high although the price of BITO has failed to surge and is currently sitting at $42.3, which is slightly below its initial listing price of around $43.2. Balchunas suggested that options volume may be the driving factor behind BITO at this stage.

There seems little hope of a Bitcoin ETF tracking the spot price being approved in the immediate future, with Balchunas suggesting that VanEck’s spot ETF would almost certainly be knocked back by the United States Securities and Exchange Commission on the Sunday, Nov. 14, deadline. The analyst put the odds at a “bleak” 200-to-1.

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On Wednesday, ProShares investment strategist Leks Gerlak told U.S. News & World Report that BITO should have no issues with reflecting the value of Bitcoin as futures contracts play a key role in determining its spot value:

“There is no single reference price for Bitcoin, and the trading price of Bitcoin varies from one exchange to another, often between 1% to 2%, and sometimes by 4% to 5%. Expert research on this topic finds that the Bitcoin futures market dominates the price discovery process.”

“Over the past few years, Bitcoin futures and Bitcoin have historically provided very similar returns. Both correlation and beta have been very close to one to Bitcoin,” he added.