Institutional Interest in Bitcoin Surges Amid New ETF Applications

The Bitcoin exchange-traded fund (ETF) fever has ignited a wave of new ETF applications and a surge in institutional investment in Bitcoin following the submission of a spot Bitcoin ETF application by BlackRock, the world’s largest asset management company, to the U.S. Securities and Exchange Commission (SEC). Rising Institutional Interest in Bitcoin Eric Balchunas, Bloomberg’s senior ETF analyst, reported a noticeable increase in fund inflows into ProShares Bitcoin Strategy ETF (BITO), the first U.S. Bitcoin futures-linked ETF. The fund saw its largest weekly influx in a year, at $65.3 million, pushing its assets above $1 billion. BITO is currently among the most popular Bitcoin ETFs among institutional investors in the U.S. Balchunas added that BITO has almost perfectly tracked Bitcoin, lagging the spot price by just 1.05% annually and charging a 0.95% fee. ProShares reported that BITO has gained 59.6% since the start of 2023, while BlackRock’s spot Bitcoin ETF […] The post Institutional Interest in Bitcoin Surges Amid New ETF Applications appeared first on COINTURK NEWS.