Bitcoin (BTC) ETF applications have been filed one after another in the United States, and institutional investors’ interest in Bitcoin has surged.
The ProShares Bitcoin Strategy ETF (BITO) posted its highest weekly inflow in a year last week as the price of Bitcoin broke the $30,000 mark, according to Bloomberg. Senior ETF Analyst Eric BalchunasCited databecame clear from
The Bitcoin Futures ETF $BITO had its biggest weekly inflow in a year as assets top $1b again. It also traded half a billion in shares on Friday, which it’s only done about 5 times before via @SirYappityyapp pic.twitter.com/Xrq0lUaaTO
— Eric Balchunas (@EricBalchunas) June 25, 2023
BITO allows investors to gain exposure to Bitcoin returns in regulated products, and holdings of more than $1 billion in CME Bitcoin futures are shown in the data.
Investors poured $65 million into BITO in the past week, according to the data, breaking April’s 2023 high of just over $40 million. Demand for bitcoin subsided for most of May and June, so we didn’t see any meaningful inflows into the product.
BITO closely tracks the spot price of Bitcoin, which seems to add to its appeal among traders. “BITO tracks Bitcoin perfectly, lagging Spot by 1.05% (annual) but with 0.95% fees,” Balchunas tweeted.
BITO’s buying pressure appears to indicate a growing interest in Bitcoin exposure among institutional investors on the back of the Bitcoin ETF craze in the US.
Bitcoin prices have surged over the past two weeks after BlackRock, the world’s largest asset manager, filed a Bitcoin ETF in the US.
The largest crypto asset by market capitalization reached $31,000 over the weekend, up 14% monthly, according to data from CoinGecko.
The U.S. Securities and Exchange Commission (SEC) has consistently blocked spot product launches, but BlackRock’s name recognition and previous history of ETF approvals has spurred Bitcoin’s bullish outlook among some traders. I’m wearing
｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Original: ProShares’ Bitcoin Futures ETF Racks Up Biggest Weekly Inflow in a Year