ProShares Bitcoin BTC
-1.63%
Simeon Hyman, global investment strategist at ProShares, told The Block that the fund had assets of $2,010,057,946 at the close of the market on January 8. He added that BITO grew 10% last week from $1.8 billion on January 2 and 18% last month from $1.7 billion on December 9, 2023.
“Many have pointed to speculation about spot Bitcoin ETFs as the driving force behind the rise in Bitcoin prices, but also crypto-related banking issues in March, rising interest rates, and other ‘challenges’ for Bitcoin exchanges,” Hyman said. .
“At the same time, the growing interest in Bitcoin has reminded us that obtaining short-term exposure to cryptocurrencies can be difficult and expensive. Futures-based short-term Bitcoin and short-term EETH ETFs BITI and SETH are currently “Available in brokerage accounts, it is the only ETF in the United States for investors looking for an opportunity to profit when the price of Bitcoin or Ether falls,” he continued.
new investment
In December 2023, Cathie Wood’s Ark Invest sold over $200 million worth of Coinbase stock through ETFs. The Block previously reported that the company purchased $92 million worth of BITO in late December.
According to data compiled by The Block, BITO’s daily trading volume on January 8 reached $811.13 million.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.