Bitcoin ETF fervor is back with a bang, and a whole boat of new applications, along with an increase in the capital inflows from most of the institutional investors. On the 26th of June, a massive surge of inflows to the ProShares Bitcoin Strategy ETF- which is a Bitcoin futures fund- was analyzed by Eric Balchunas, a senior ETF analyst at Bloomberg.
The fund then went through its largest weekly inflow in over a year with $65.3 million- with the assets topping above a sum of $1 billion. For those wondering, BITO was the first ETF, linked to BTC, in the United States, and is also one of the most popular among institutional investors. Balchunas also claimed that BITO had definitely tracked the cryptocurrency perfectly- lagging spot prices by 1.5% annually, with a fee of 0.95%.
Bitcoin ETF Has Already Gained Close To 60%
The Bitcoin ETF fund has already made a gain of 60% since the start of this year, according to ProShares. There has also been a major uptick in the Bitcoin derivatives interest across the board since BlackRock filed for its own Bitcoin ETF on 15th June. According to the Deribit crypto options exchange, the futures open interest for the cryptocurrency has definitely surged since last week. It is currently at $319 million as of the 25th of June, up around 30% from what it was the previous week. OI, for those unaware, is a measure of the total number of outstanding futures contracts that have not been settled yet.
The resurgence of Bitcoin ETF trading, along with the resultant BTC price pump has also been amazing news for Grayscale, the largest crypto asset manager in the world. The Grayscale Bitcoin Trust, which has been forever trading at a massive discount to spot the prices of Bitcoin for months, is currently heading in the right direction- while the gap ends up diminishing.