Recent action in the #Kripto money market has led to massive inflows into ProShares' Bitcoin futures ETF, following BlackRock's surprise filing for a spot #Bitcoin exchange-traded fund (ETF) .
ProShares' fund, which trades under the ticker BITO, experienced inflows of $14.9 million on June 29 and $11.9 million on July 3, bringing its total assets under management (AuM) to 1.04 billion, according to ETF.com. increased to dollars.
On the day BlackRock's ETF application was submitted, the fund's AuM was $822 million.
Launched in October 2021, BITO provides exposure to Bitcoin using Bitcoin futures traded on the regulated CME exchange.
Although many institutions are competing to launch the first spot Bitcoin ETF, approval of such a product would lend further legitimacy to Bitcoin and its underlying market structure.
The U.S. Securities and Exchange Commission (SEC) has previously rejected spot Bitcoin ETFs over concerns that prices could be easily manipulated on unregulated and opaque crypto exchanges.
Massive Weekly Inflows into Crypto Mutual Funds
Excitement about the potential launch of a Bitcoin ETF has also reflected positively on crypto investment funds at large, as noted in the latest report from crypto research and investment firm CoinShares.
A significant net inflow of $125 million into crypto-backed investment funds was recorded last week, which brings total inflows in the last two weeks to $334 million.
Rising interest in ProShares' Bitcoin futures-based fund and sustained inflows into mainstream crypto funds suggest renewed excitement among investors.
The potential of a Bitcoin ETF and improving market sentiment has created a renewed sense of confidence in the cryptocurrency industry, and even traditional ETF investors appear to be taking a position that the SEC may finally approve such a product.
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