Bitcoin ETF Fever is Back with Increased Capital Inflows

BITO is the first Bitcoin ETF in the US and is one of the most popular among the investors

Bitcoin ETF Fever is Back: On June 26, a surge of inflows to the ProShares Bitcoin Strategy ETF (BITO) — a Bitcoin futures fund — was observed by Bloomberg senior ETF analyst Eric Balchunas, reported by Cointelegraph. The fund had its most significant weekly inflow at $65.3 million in a year, with its assets topping $1 billion. BITO was the first BTC-linked ETF in the United States and is one of the most popular among institutional investors.

The Bitcoin Futures ETF $BITO had its most significant weekly inflow in a year as assets topped $1b again. It also traded half a billion in shares on Friday, which it's only done about 5 times before via @SirYappityyapp pic.twitter.com/Xrq0lUaaTO

— Eric Balchunas (@EricBalchunas) June 25, 2023

SEC Approves First-Ever Leveraged Bitcoin ETF

The US Securities and Exchange Commission (SEC) has made a significant move by granting approval for the first-ever leveraged Bitcoin [BTC] Futures ETF. Volatility Shares 2X Bitcoin Strategy ETF (BITX). It is scheduled to launch on the Chicago Board Options BZX Exchange on June 27, 2023. 

Bitcoin's Dominance Is Growing

 Bitcoin's dominance metric has exceeded 50% for the first time in over two years. While other altcoins have suffered substantially, with BNB plummeting 20% after the SEC called Binance's native token security, SEC Chairman Gary Gensler has reassured people that Bitcoin is classified as a commodity. Furthermore, after BlackRock filed for a Bitcoin ETF, Bitcoin has seen a 6% increase, as many investors view the flagship cryptocurrency as a safe haven amidst ongoing SEC actions. 

Notably, the combined value of Bitcoin and Ether accounts for about 70% of the entire crypto market capitalization. The SEC has declared a total of 68 cryptocurrencies to be securities.