ProShares’s Bitcoin ETF Weekly Flow Reaches a Yearly High

Over the past week, the ProShares Bitcoin Strategy (BITO) fund has seen cumulative inflows of $65.3 million – its highest value since the beginning of the year.

The trading volume for the ETF surpassed half a billion in shares, a historical record, leading to an increase in demand for BITO.

This was triggered by the application from firms like BlackRock to the SEC for launching a fiat-based ETF based on Bitcoin.

As a result, the price of digital gold surpassed the $30,000 mark.

The open interest in Bitcoin futures has likewise grown 30% to $319 million, according to data from Deribit.

At the same time, Coinglass reported that the discount for GBTC against NAV has decreased to 31.32%, well down from its peak of 48.89% back in December 2022.