HONG KONG—Bitcoin hovered below record levels on Wednesday, the day after the first U.S. bitcoin futures-based exchange-traded fund (ETF) began trading, a development that market participants say is likely to drive investment into the digital asset. The world’s leading cryptocurrency was last at $63,998, off 0.4 percent, but still within a short jump of its record of $64,895.22, hit April 14 this year. It reached as high as $64,499 on Tuesday, late in the U.S. day. Earlier on Tuesday, the ProShares Bitcoin Strategy ETF closed up 2.59 percent at $41.94 after its first day of trading, with around $1 billion worth of shares trading hands on Intercontinental Exchange Inc.’s ICE.N Arca exchange. Trading appeared to be dominated by smaller investors and high-frequency trading firms, analysts said, noting the absence of large block trades indicated that institutions were likely staying on the sidelines. James Quinn, managing partner at Q9 Capital, a …