ProShares Bitcoin-Linked ETF Returns to All-Time High AUM Amid Growing Anticipation for Bitcoin Spot ETFs
The ProShares Bitcoin Strategy ETF (BITO), the first-ever Bitcoin exchange-traded fund (ETF) in the United States, has broken records, now securing almost $1.5 billion in Bitcoin futures contracts.
This returns it to its highest exactly two years ago on December 21 - two months after its launch.
SEE: BITO's AUM history since initiation, credit to YCharts
Anticipation
This milestone underscores the escalating interest among institutional investors seeking exposure to Bitcoin, particularly with the anticipation of a potential approval for a bitcoin spot ETF by January.
BITO's current achievement follows its earlier record of $1.44 billion on November 10, 2021, a mere three weeks post its launch.
The landmark coincided with Bitcoin reaching an all-time high of $69,000.
The recent record of $1.47 billion was set on Tuesday, aligning with Bitcoin's surge to a new yearly high of $38,300.
Since its inception, BITO has maintained an average daily trading volume of $160 million, placing it among the top 5% of all U.S. ETFs.
Bitcoin investment funds globally have experienced a substantial capital influx, reaching a total AUM of $32 billion over the past month.
Besides ProShares, Purpose Investments, owner of the first bitcoin spot ETF in Canada, attracted $246 million in November.
Differentiating between spot and futures ETFs, BITO relies on Bitcoin futures contracts, whereas a bitcoin spot ETF backs its shares with actual BTC held by the fund.
This distinction impacts tracking accuracy, reflected in the performance comparison.
While BITO shares have risen by 79.94% year-to-date, shares in the Purpose Bitcoin CAD ETF (BTCC.B) have surged by 122%, surpassing both BITO and Bitcoin itself, up by 127%.
Spot Bitcoin ETF
Market expectations, as well as documented discussions with the SEC, point to the imminent arrival of a bitcoin spot ETF in the next two months.
Major players like BlackRock and Grayscale are actively engaging with the Securities and Exchange Commission (SEC) to navigate the ETF approval process.
The potential approval is anticipated to unlock institutional capital previously untapped by funds like BITO, Coinbase, and MicroStrategy.
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