ProShares' Bitcoin Strategy ETF just had its largest weekly inflow in a year and now holds over $1 billion worth of BTC futures.
derivatives. BITO was the first Bitcoin-linked ETF in the US and is one of the most popular among institutional investors, allowing them to gain exposure to Bitcoin-linked returns with a regulated product.
Highlighting the performance of the ETF, Balchunas added:"Interesting thing regarding BITO, even though it got trashed by some because futures roll costs, it pretty much has tracked bitcoin perfectly. It's lagged spot by 1.05% annually, but its fee is 0.95%, equalling only 10bps of roll, extra costs, which is rounding error, many had predicted over 5% per year."
The recent surge in Bitcoin prices, reaching a recent high of over $31,000 and marking a 14% monthly gain, appears to be spurred by interest from institutional ETF filings. © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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