ProShares’ Bitcoin ETF (BITO) hits $1.47B.
Showing rising interest among investors as they await U.S. approval for Bitcoin spot ETFs.
There’s currently a high interest in Bitcoin among professional investors as ProShares’ Bitcoin Strategy ETF (BITO) reached $1.47 billion in assets, This fund is connected to Bitcoin’s performance and is becoming popular in the U.S.
BITO offers a way for investors to get involved in Bitcoin in a regulated manner and is traded on the Chicago Mercantile Exchange (CME).
Simeon Hyman from ProShares described BITO as a familiar and regulated option for targeting Bitcoin’s returns acknowledging the strong demand for BITO.
With an average of $160 million in trading volume since it started, this ETF is among the top 5% in the U.S. in terms of daily trading volume. It closely tracks Bitcoin’s actual market prices, making it more attractive to traders.
In June alone, investors added over $65 million in one week to BITO, the most in a year.
There’s also anticipation circulating in the crypto industry about U.S. regulators approving a Bitcoin spot ETF, which major investment firms like BlackRock and Fidelity are waiting to offer to their clients. The anticipation has sparked a rise in Bitcoin price.
