The Crypto Market Rally and Inflows into ProShares’ BITO fund
The recent crypto market rally, sparked by BlackRock’s surprise filing for a spot bitcoin exchange-trade fund, has led to a significant increase in inflows into ProShares’ BITO fund. This futures-based fund has seen a surge in new investments, bringing its total assets under management to $1.04 billion.
Key points:
– ProShares’ BITO fund received $14.9 million of inflows on June 29 and $11.9 million on July 3.
– The fund’s assets under management on June 15, before the BlackRock filing, were $822 million.
– The launch of a spot bitcoin ETF could provide further legitimacy to bitcoin and its market structure.
– The U.S. Securities and Exchange Commission has previously denied spot bitcoin ETFs due to concerns about surveillance in spot trading venues.
– The excitement around a potential spot bitcoin ETF has also resulted in strong weekly inflows into crypto asset management products, totaling $334 million over the past two weeks.
This surge in inflows into ProShares’ BITO fund is a clear indication of the growing interest and confidence in the crypto market. Investors are eagerly awaiting the launch of a spot bitcoin ETF, which could bring further credibility to the industry. It remains to be seen how regulators will address the concerns surrounding surveillance in spot trading venues, but the recent market rally and increased inflows into crypto funds suggest a positive outlook for the future of cryptocurrencies.
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