Weekly inflows into ProShares Bitcoin Futures ETF hit a 2023 record

Total inflows into ProShares’ Bitcoin-ETF over the past week amounted to $65.3 million. According to Bloomberg analyst Eric Balchunas, this is the largest figure of the year so far.

The Bitcoin Futures ETF $BITO had its biggest weekly inflow in a year as assets top $1b again. It also traded half a billion in shares on Friday, which it’s only done about 5 times before via @SirYappityyapp pic.twitter.com/Xrq0lUaaTO

— Eric Balchunas (@EricBalchunas) June 25, 2023

Assets under management in the ProShares Bitcoin Strategy (BITO) ETF again topped $1 billion. Trading volume exceeded half a billion shares, something that had happened only five times in history, the analyst added.

The analyst noted that the ETF “in large measure tracks the dynamics of the leading cryptocurrency.” The premium to the spot price on an annualized basis does not exceed 1.05% (many had expected it to be above 5%), and the management fee is 0.95%.

Demand for BITO has been boosted by BlackRock’s filing and several other firms with the SEC to launch a spot ETF based on the first cryptocurrency. On this backdrop, the price of digital gold rose above $30,000.

According to Deribit, open interest in Bitcoin futures for the week rose 30%, to $319 million.

According to Coinglass, the discount to NAV for GBTC narrowed to 31.32%. At its peak in December 2022 it reached 48.89%.

Earlier, the trading turnover of Grayscale Investments‘s Bitcoin Trust jumped 400%, from $16.1 million to $80 million.

Earlier, Eight founder Michaël van de Poppe said the bull market for the leading cryptocurrency had begun, with a target of $40,000.