In a landmark moment that’s making waves in the world of cryptocurrency, the Bitcoin Futures ETF, known as $BITO, has witnessed a staggering surge in inflows. The asset pool has once again swelled past the $1 billion mark, an impressive achievement fueled by the mounting anticipation surrounding the potential approval of a spot Bitcoin ETF by the Securities and Exchange Commission (SEC).
The past week saw $BITO rake in its largest weekly inflow in a year, accompanied by an impressive trading volume of half a billion shares on Friday alone. Eric Balchunas, Senior ETF Analyst for Bloomberg, pointed out the surprising resilience of $BITO. Despite worries over future roll costs, $BITO has remained steadfast, accurately tracking the price of Bitcoin.
The stats speak volumes about the commendable performance of $BITO. ProShares data reveals that year-to-date, $BITO has been a standout performer, delivering impressive returns of 59.58% in market price and 59.62% in NAV.
When examining the three-month and six-month performance figures, $BITO’s growth trajectory remains robust. With returns of 14.04% over both periods, those investors who have held onto the fund for these durations have reaped positive gains.
The Starting Gun Fires on the Spot Bitcoin ETF Race
The spike in interest in Bitcoin derivatives can be traced back to BlackRock’s filing of a Bitcoin ETF on June 15. This move, akin to firing the starting gun on a race, has spurred other firms into action, with each scrambling to file their own applications for a spot in Bitcoin ETF.
WisdomTree has thrown its hat into the ring for the third time, filing with the SEC to create a spot Bitcoin ETF. Invesco has also renewed its application for a similar product.
The green light for a spot Bitcoin ETF would represent a significant milestone for the world of cryptocurrency, offering institutional and retail investors a more accessible, regulated route for investing in cryptocurrencies.
Source: https://coinpedia.org/bitcoin/bitcoin-futures-etf-achieves-impressive-1-billion-mark-amidst-fierce-spot-etf-battle/