According to a report by CoinDesk, the assets under management (AUM) of ProShares Bitcoin Strategy ETF (BITO) reached a new high of $1.47 billion this week, surpassing the record set in December 2021. This indicates a renewed institutional demand for Bitcoin as a result of a large number of applications for regulated and approved Bitcoin spot ETFs in the United States.
BITO tracks the value of Bitcoin through holding CME Bitcoin futures contracts and is the first Bitcoin futures ETF launched in the United States by asset management company ProShares. Simeon Hyman, Global Investment Strategist at ProShares, stated in a declaration to CoinDesk:
“BITO has had an average daily trading volume of $160 million since its launch, ranking in the top 5% among all ETFs in the United States.”
In June of this year, BITO saw a single-week inflow of over $65 million, marking the largest single-week inflow in a year, surpassing the previous record of over $40 million in April 2023.
According to a report by CoinShares released on Monday (27th), digital asset management company CoinShares stated that digital asset investment products saw a total net inflow of $346 million last week, the highest amount in a single week among nine consecutive weeks of net inflows. With the expected launch of US spot ETFs, this influx of funds is the largest since the bull market at the end of 2021.