ProShares Bitcoin Futures ETF AUM Back Above $1 Billion

The ProShares BITO fund over $26 million value of inflows over the past week amid renewed optimism across the potential approval of a spot Bitcoin ETF.

Picture by André François McKenzie on Unsplash

Posted July 5, 2023 at 4:18 am EST.

The ProShares Bitcoin Technique ETF, which trades beneath the ticker BITO, recorded hundreds of thousands of {dollars}’ value of inflows over the previous couple of weeks, taking its belongings beneath administration (AUM) again above $1.04 billion. 

Information from ETF.com shows $14.9 million value of inflows on June 29, adopted by one other $11.9 million on July 3. The fund started to see a substantial enhance in investor curiosity following BlackRock’s utility for a spot Bitcoin ETF, with BITO’s AUM rising by greater than $200 million for the reason that day of the submitting.

It’s value noting that whereas the renewed optimism round a spot Bitcoin ETF is a constructive growth for digital asset funding merchandise throughout, the extent of capital flowing into these funds remains to be a far cry from the curiosity seen through the bull market.

BITO was the primary Bitcoin futures alternate traded product to launch in October 2021 and breached $1 billion in AUM simply two days after its launch – the quickest any ETF has hit this milestone in historical past.

Nonetheless, regardless of a considerably cooler market, weekly inflows into digital asset funding merchandise have continued to pile in. Analysis from CCData found that AUM throughout digital asset funding merchandise has elevated 69.5% year-to-date, reaching $33.4 billion in June.

In its Digital Asset Administration Evaluate, the analysts additionally discovered that the Grayscale Bitcoin Belief (GBTC) dominated 74% buying and selling quantity of whole belief merchandise available in the market. 

“The surge in GBTC’s volumes and market share aligns with the growing positive sentiment towards the underlying asset,” famous the analyst.

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