ProShares’ Bitcoin Futures ETF Sees Record-breaking Weekly Inflow

• ProShares’ Bitcoin Strategy ETF (BITO) received its highest weekly inflow in a year, with investors funneling $65 million into the fund.
• The rise in BITO’s inflow comes as Bitcoin’s price breaches the $30,000 mark and global investment giant BlackRock files for a Bitcoin ETF in the U.S.

As the blockchain sector experiences an upsurge in Bitcoin ETF filings in the United States, institutional investors have taken note and are rapidly showing increased interest. ProShares’ Bitcoin Strategy ETF (BITO), a Bitcoin futures fund offered in the U.S., saw a surge in its weekly inflow over the past week, the highest in more than a year, as Bitcoin prices surged past the $30,000 mark. This data was provided by Eric Balchunas, a senior ETF analyst at Bloomberg.

BITO is an investment vehicle that allows investors to benefit from Bitcoin-related returns through a regulated product. The fund’s current holdings exceed $1 billion in CME Bitcoin Futures.

Investor interest in BITO peaked in the last week with an influx of $65 million, surpassing its previous high of slightly over $40 million in April 2023. The ETF saw little meaningful inflow during May and the majority of June, correlating with a period of decreased demand for Bitcoin.

With BITO closely tracking spot Bitcoin prices, its appeal to traders has grown. Balchunas noted via Twitter,

“It pretty much has tracked Bitcoin perfectly. It lagged spot by 1.05% (annually), but its fee is 0.95%.”

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This surge in BITO investment may indicate a growing appetite for Bitcoin exposure among institutional investors, seemingly fueled by the current frenzy for Bitcoin ETFs in the U.S.

The past two weeks have seen a significant uptick in Bitcoin prices following the news of BlackRock, a major investment entity, filing for a spot Bitcoin ETF in the U.S. Bitcoin, the world’s largest cryptocurrency by market capitalization, hit the $31,000 mark over the weekend, thereby extending its monthly gains to 14%, according to data from CoinGecko.

Despite the U.S. Securities and Exchange Commission’s (SEC) historical hesitation to greenlight spot products, the application by BlackRock, with its proven track record and status in ETF approvals, has contributed to a positive outlook for Bitcoin among traders.