BlackRock has only moved a finger and these are the Bitcoin ETFs who see themselves propelled in the front of the scene. One of them, the ProShares BITO, recently piqued the curiosity of financial analysts. Looking at it, Eric Balchunas, Senior ETF Analyst at Bloomberg, highlighted very attractive quantitative data.
BITO easily climbs the slope
After successfully launching the BITO ETF in November 2021, ProShares considered another similar product in June 2022. BITOa futures fund that exceeded expectations upon its release, talk about him again.
” Bitcoin Futures ETF BITO saw its biggest weekly inflow in a year, with assets again topping $1 billion. It also traded half a billion shares on Friday, something it had only done five times before. »
According to CointelegraphProShares’ Bitcoin BITO ETF experienced an influx of $65.3 million last week. Its previous record of $40 million, however, dates from April. And at the same time, its assets again crossed the $1 billion mark.
Other figures to remember about BITO: his earnings increased by 59.6% since the beginning of 2023.
Explanations!
Eric Balchunas clarified that the ETF BITO had started in tune with bitcoin. But there is a downside:
” Interestingly, BITO, despite being criticized by some due to the rolling costs of futures contracts, has tracked bitcoin perfectly. He lags the spot by 1.05% per year, but his fee is 0.95% = only 10 bps of (additional) roll costs, which is a rounding error. Many predicted >5% per year. »
In other words, the rise in investor appeal for BITO is strongly tied to bitcoin spot prices.
It should also be noted that the price of the queen of cryptocurrencies was up for two weeks. The filing of an application for the creation of a Bitcoin ETF by BlackRock has somewhat awakened the Bitcoin bull run.
And finally, we’ll talk about a recent report by Deribit stating that open interest for bitcoin futures also increased by 30% last week. Knowing that the open interest represents a measure of the total number of futures contracts open and unsettled.
Add to all this the SEC’s approval of Volatility Shares’ Bitcoin futures ETF. The promoters of this type of asset must regularly monitor their email inbox to hope for a positive return from the American regulator.
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