BITO was the first Bitcoin futures ETF in the US and remains the most popular of these products among institutional investors. According to Bloomberg senior ETF analyst Eric Balchunas, the fund is showing itself as a reliable instrument, whose shares clearly follow the BTC spot price. Since the beginning of the year, investors in BITO shares have received a profit of 59.6%.
Analysts believe that the reason for the growth in the popularity of the fund was the filing by BlackRock of an application to launch a spot ETF for bitcoin. Then four more firms filed similar applications.
The filing of the BlackRock application stirred up the cryptocurrency market, and the bitcoin rate rebounded from $25,000 and exceeded $30,000. Many analysts believe that the application of the largest asset management company will be the first to be approved by the US Securities and Exchange Commission (SEC). Some in the industry say that the crypto market is on the verge of a long bull cycle.
Recall that the BITO fund was launched on October 19, 2021 at the NYSE Arca site. The volume of trading in shares exceeded $1 billion on the first day.
Source: Bits
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