The ProShares Ultra Bitcoin ETF (BITU) soared 5.30% in the last 24 hours, fueled by a broad rally in cryptocurrency markets. The exchange-traded fund, which aims to deliver twice the daily returns of the Bloomberg Galaxy Bitcoin Index, benefited from a surge in Bitcoin prices over the past day.

Bitcoin, the world's largest cryptocurrency by market capitalization, rallied by over 7% in the same period, breaching the $30,000 mark for the first time since June. The upswing came amid growing optimism about the potential for wider adoption of cryptocurrencies and blockchain technology.

As a leveraged ETF, BITU's performance is highly sensitive to changes in the underlying Bitcoin index. The fund's 13.8% intraday gain reflects the amplified impact of Bitcoin's rise on its portfolio. However, investors should be cautious about the risks associated with leveraged products, as they can also magnify losses during market downturns.