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World's Largest Bitcoin Futures ETF Sees Record Inflows

ProShares’ Bitcoin Strategy Futures ETF (BITO) is seeing record inflows as investor expectations grow for the approval of spot cryptocurrency exchange-traded funds (ETFs) in the U.S.

The ProShares ETF is the world’s largest Bitcoin Futures exchange-traded fund. It now has a record $1.47 billion U.S. of assets under management as it receives an influx of new capital.

Analysts say the surge of inflows shows renewed interest in Bitcoin on the part of institutional and accredited investors as anticipation grows that the U.S. Securities and Exchange Commission (SEC) will approve Bitcoin spot ETFs in the coming months.

The BITO ETF is listed on the Chicago Mercantile Exchange. It closely tracks Bitcoin’s spot prices and expectations are that the fund will be converted into a spot ETF once the SEC approval comes through.

These factors are making the BITO ETF attractive to institutional investors and traders, say analysts.

A spot Bitcoin ETF will allow investors to gain exposure to Bitcoin’s price movements without having to physically hold the cryptocurrency.

The price of Bitcoin has rallied over the last several months as investment firms such as BlackRock (BLK) and Fidelity await the U.S. regulator’s approval of Bitcoin spot ETFs, a development that is expected to drive the price of the largest crypto sharply higher.

Bitcoin’s price has now gained 128% this year to trade at just over $37,500 U.S.