What is the ticker symbol XBT?

Excuse me, but could you please clarify for me what the ticker symbol XBT represents in the world of finance and cryptocurrency? I've heard it mentioned a few times, but I'm not entirely sure of its specific meaning or significance. Is it a widely recognized and used symbol, or is it more niche and specialized? And if it's indeed a key component of the cryptocurrency landscape, could you provide some insight into its origins and why it's so important? Thank you in advance for your help with this inquiry.