2023-06-26 04:13:54 ET
Bitcoin
exchange-traded funds see increased excitement from market participants, with new
ETF
applications and the latest uptick in fund inflows. ProShare’s Bitcoin futures fund, BITO, recently recorded its highest weekly inflow (in twelve months), totaling around $65 million.
The latest inflows surge had BITO’s asset value surpassing $1B again. Meanwhile, the growing expectation about possible spot Bitcoin ETF approval by the Securities & Exchange Commission renewed optimism in the crypto space.
BITO’s popularity and impressive surges
The first US Bitcoin-linked exchange-traded fund, BITO, has attracted a substantial following from institutional players. Bloomberg’s Eric Balchinas
tweeted
about BITO’s impressive performance in tracking Bitcoin’s price.
BITO fund manages assets worth over $1 billion, earning investors profits of 59.6% since 2023 started. That has made it lucrative to market participants.
Spot Bitcoin ETF race
Invezz.com
reported
how BlackRock moved the crypto market with their BTC Spot ETF application on June 15. More firms followed, with WisdomTree and Invesco
renewing
their exchange-traded fund applications. Such developments catalyzed impressive
cryptocurrency price
actions.
While no one knows whether the regulator will authorize a Spot BTC ETF, the current institutional interest had many individuals preparing for the best. Spot Bitcoin exchange-traded fund approval would allow retail and institutional players to enjoy regulated and accessible avenues for crypto investment.
The post
Bitcoin futures see record-high inflows amidst ongoing Spot ETF wave
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Invezz
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