Investors Interest in Bitcoin Rise as ProShares Bitcoin ETF Hits $1.47B

Investors Interest in Bitcoin Rise as ProShares Bitcoin ETF Hits $1.47B

Investment Bitcoin ETF

By Miles

30 Nov 2023 (6 months ago)

1 min read

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ProShares' Bitcoin ETF (BITO) hits $1.47B, showing rising interest among investors as they await U.S. approval for Bitcoin spot ETFs.

There's currently a high interest in Bitcoin among professional investors as ProShares' Bitcoin Strategy ETF (BITO) reached $1.47 billion in assets, This fund is connected to Bitcoin's performance and is becoming popular in the U.S.

BITO offers a way for investors to get involved in Bitcoin in a regulated manner and is traded on the Chicago Mercantile Exchange (CME). Simeon Hyman from ProShares described BITO as a familiar and regulated option for targeting Bitcoin's returns acknowledging the strong demand for BITO,

With an average of $160 million in trading volume since it started, This ETF is among the top 5% in the U.S. in terms of daily trading volume.  It closely tracks Bitcoin's actual market prices, making it more attractive to traders.

In June alone, investors added over $65 million in one week to BITO, the most in a year. There’s also anticipation circulating in the crypto industry about U.S. regulators approving a Bitcoin spot ETF,  which major investment firms like BlackRock and Fidelity are waiting to offer to their clients, the anticipation has sparked a rise in Bitcoin price. 

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