{"id":12457,"date":"2023-06-26T07:27:39","date_gmt":"2023-06-26T07:27:39","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12457"},"modified":"2023-06-26T07:27:39","modified_gmt":"2023-06-26T07:27:39","slug":"biggest-inflow-to-proshares-bito-in-a-year","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12457","title":{"rendered":"Biggest inflow to ProShares\u2019 BITO in a year"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) exchange-traded fund (ETF) fervor is back with a raft of new applications and an increase in capital inflows from institutional investors.<\/p>\n<p>On June 26, a surge of inflows to the ProShares Bitcoin Strategy ETF (BITO) \u2014 a Bitcoin futures fund \u2014 was observed by Bloomberg senior ETF analyst Eric Balchunas.<\/p>\n<p>The fund had its largest weekly inflow in a year at $65.3 million with its assets topping $1 billion.<\/p>\n<p>BITO was the first BTC-linked ETF in the United States and is one of the most popular among institutional investors.<\/p>\n<p>Balchunas claimed BITO \u201cpretty much has tracked Bitcoin perfectly,\u201d lagging spot prices by 1.05% annually and has a fee of 0.95%. <\/p>\n<p lang=\"en\" dir=\"ltr\">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&#8217;s only done about 5 times before via @SirYappityyapp pic.twitter.com\/Xrq0lUaaTO<\/p>\n<p>\u2014 Eric Balchunas (@EricBalchunas) June 25, 2023<\/p>\n<p>The BITO fund has made a 59.6% gain since the start of 2023 according to ProShares. There\u2019s been an uptick in Bitcoin derivatives interest across the board since BlackRock filed for its own Bitcoin ETF on June 15. <\/p>\n<p>According to the Deribit crypto options exchange, Bitcoin futures open interest (OI) has surged since last week. It is currently $319 million as of June 25, up around 30% from the same period last week. <\/p>\n<p>OI is a measure of the total number of outstanding futures contracts that have not been settled. <\/p>\n<p><em>BTC futures OI over the past month. Source: <\/em><em>Deribit<\/em><\/p>\n<p>The resurgence in ETF trading and the resultant BTC price pump has also been good news for the world\u2019s largest crypto asset manager, Grayscale. The Grayscale Bitcoin Trust (GBTC), which has been trading at a massive discount to spot BTC prices for months, is heading in the right direction as that gap diminishes. <\/p>\n<p>According to Coinglass, the Grayscale premium, also known as its discount, is -31.2%. It fell as low as -49% in December. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Volatility Shares Trust aims for listing of leveraged Bitcoin futures ETF<\/em><\/strong><\/p>\n<p>It remains unclear if the Securities and Exchange Commission will approve a spot Bitcoin ETF, but the race is now on as a new wave of filings has followed BlackRock\u2019s. <\/p>\n<p>WisdomTree, for the third time, filed with the SEC to create a spot Bitcoin ETF, just hours later Invesco renewed its application for a similar product. <\/p>\n<p>On June 25, ETF Store President Nate Geraci tweeted his list of ETF issuers that he \u201cwould keep an eye on\u201d as he believes they will file or refile for a spot Bitcoin ETF based on past filings. Geraci named First Trust, VanEck, Global X, Fidelity, and what he called the \u201cdark horse,\u201d Schwab.<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Unstablecoins: Depegging, bank runs and other risks loom<\/em><\/strong><\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/proshares-bitcoin-etf-bito-weekly-inflows-largest-in-year\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) exchange-traded fund (ETF) fervor is back with a raft of new applications and an increase in capital inflows from institutional investors. On June 26, a surge of inflows to the ProShares Bitcoin Strategy ETF (BITO) \u2014 a Bitcoin futures fund \u2014 was observed by Bloomberg senior ETF analyst Eric Balchunas. The fund had [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12458,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12457","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12457"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12457\/revisions"}],"predecessor-version":[{"id":12459,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12457\/revisions\/12459"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12458"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}