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Bitcoin Surge: Global Giants Fuel ETF Frenzy with Record Inflows to BITO!

  • Bitcoin Strategy ETF (BITO) received a record-breaking $65 million investment
  • BITO is a futures-based Bitcoin ETF
  • BITO has shown a successful correlation with Bitcoin price

Bitcoin Strategy ETF (BITO) Sets New Record with $65 Million Investment

The Bitcoin Strategy ETF (BITO) offered by financial services company ProShares has witnessed a new record with a weekly investment of $65 million. This surge in investment comes as a result of recent increases in Bitcoin price and the applications for spot Bitcoin exchange-traded funds (ETFs) by leading companies such as BlackRock, which manages trillions of dollars in assets. According to Bloomberg senior ETF analyst Eric Balchunas, ProShares’ Bitcoin Strategy ETF (BITO) has received a record investment of $65 million, as reported in the data.

BITO’s previous record was set in April 2023 with a volume of $40 million. Unlike a spot ETF, BITO is a futures-based Bitcoin ETF and has already obtained approval from the U.S. Securities and Exchange Commission (SEC). It was initially listed on the New York Stock Exchange (NYSE) in October 2021 and later launched on the Chicago Mercantile Exchange (CME). According to CME data, BITO has a trading volume of over $1 billion.

Eric Balchunas highlighted the advantages of BITO for investors, particularly its successful synchronization with the Bitcoin price:

BITO has managed to closely track the Bitcoin price almost perfectly. The difference between spot and annual performance was at 1.05%, and it had a fee rate of 0.95%. This is a significant achievement compared to the estimated 5% difference.

While it is uncertain whether the SEC will approve spot Bitcoin ETF applications, many companies, including BlackRock, have lined up for Bitcoin ETFs in recent weeks.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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