ProShares Bitcoin Strategy (BITO) ETF inflows surged in July

on Aug 3, 2023
  • ProShares Bitcoin Strategy ETF price has moved sideways recently.
  • BITO ETF’s inflows jumped by more than $153 million in July.
  • Inflows have just by more than $344 million in the past 12 months.

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Bitcoin had a difficult performance in July as its consolidation continued. It remained below the year-to-date high of $31,000 while volume and volatility continued falling. Despite this performance, ProShareS Bitcoin Strategy ETF (BITO) held quite steady, slightly below $17.55. Like Bitcoin, BITO ETF stock has jumped by over 80% from its lowest level this year.

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Despite the Bitcoin’s performance, the ProShares Bitcoin Strategy ETF saw its biggest inflows in months. Data by ETF shows that the fund had over $153 million in inflows in July. This increase pushed its total assets to over $1 billion.

BITO inflows have been growing this year. Its inflows jumped by over $82 million in June and $10.3 million in May. The only outflows came in February when the fund lost over $21.3 million.

BITO ETF saw inflows in July as the talk about Bitcoin ETFs waned. In June, several large companies like Invesco, Blackrock, and Ark Invest filed for their spot Bitcoin ETFs with the Securities and Exchange Commission (SEC).

It is still unclear whether the SEC will accept these ETFs despite having their anti surveillance clauses. In his past statements, Gary Gensler has expressed concerns about these funds.

But the final decision will likely not rest on the SEC. Instead, investors are watching an ongoing Greyscale. Greyscale has sued the SEC for denying it to convert its Greyscale Bitcoin Trust (GBTC) into an ETF. Looking ahead, the performance of BITO ETF will depend on Bitcoin. If Bitcoin price rises, it means that the fund will have a bullish breakout.


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