MARKETBITCOIN

BITO hits record high in scale, asset management companies continue to be bullish on Bitcoin, spot ETF expected to be approved in January next year

share
BITO hits record high in scale, asset management companies continue to be bullish on Bitcoin, spot ETF expected to be approved in January next year

ProShares' Bitcoin Strategy ETF BITO hits a new record high with $1.47 billion in assets under management (AUM) this week. The open interest in bitcoin long futures contracts held by CME Group's asset management company also reached a historical high, indicating optimism in the market for the approval of a bitcoin spot ETF. Bloomberg ETF analyst James Seyffart maintains his previous view that the potential approval window for a bitcoin spot ETF will fall between January 5th and January 10th, 2024.

BITO in Strong Demand, AUM Reaches New High

According to a report by CoinGecko in September, ProShares' Bitcoin Strategy ETF BITO, launched in October 2021, ranks first in the top 12 Bitcoin spot and futures ETFs based on Bitcoin holdings.

BITO is the first Bitcoin futures ETF in the U.S. market, listed on the New York Stock Exchange in October 2021, issued by the fund management company ProShares, with a management fee of 0.95%. It tracks the value of Bitcoin through investing in Bitcoin futures on the Chicago Mercantile Exchange (CME).

According to a report by Coindesk, ProShares' Bitcoin Strategy ETF BITO hit a new high with assets under management (AUM) reaching $1.47 billion this week, breaking the record set in December 2021.

Simeon Hyman, Global Investment Strategist at ProShares, stated:

The demand for BITO remains strong, and the new high in ETF assets under management demonstrates this. We believe this reflects the demand for a familiar, accessible, and regulated way to achieve Bitcoin returns.

CME Bitcoin Long Futures Open Interest Hits New High

According to a report by The Block, the open interest in Bitcoin long futures held by asset managers on the Chicago Mercantile Exchange (CME) has reached a new all-time high, rising from $1.04 billion at the end of October to the current $1.98 billion. Compared to the previous high of $1.67 billion when Bitcoin hit a historical high of $68,000 in November 2021.

Approval Window for Bitcoin Spot ETFs Expected from January 5th to 10th Next Year

Although the SEC has recently postponed the approval of several Bitcoin spot ETFs, Bloomberg ETF analyst James Seyffart remains optimistic due to intensive meetings between the SEC and asset management companies like Grayscale and BlackRock:

The potential approval window for Bitcoin spot ETFs looks to be between January 5th and 10th, 2024!