ProShares’ BITO Sees Biggest Institutional Inflow
With several new applications for Bitcoin (BTC) exchange-traded funds (ETFs) this month, institutional inflows into these derivative products have skyrocketed once again. Bloomberg senior ETF analyst Eric Balchunas recently noted that institutional funds are pouring into the ProShares Bitcoin Strategy ETF (BITO), a Bitcoin futures fund.
Last week, the fund received its largest weekly inflow in a year, $65.3 million, with assets exceeding $1 billion.
ProShares’ BITO is a popular US institutional investor fund, the first BTC-linked ETF to launch. It tracks Bitcoin prices perfectly, lagging spot prices by 1.05% annually and has a 0.95% fee. Since 2023, ProShares’ BITO has recorded a 59.6% gain, aligning with BTC price gains. Since BlackRock filed for its own Bitcoin ETF on June 15, interest in Bitcoin derivative products has increased.
(With inputs from Shikha Singh)
You need to login in order to Like
