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Grayscale, the manager of the Grayscale Bitcoin Trust (GBTC), is updating the trust’s agreement for the first time since 2018, according to a Wednesday filing. The aim is to optimize GBTC’s structure for an anticipated change to a spot bitcoin ETF and level the playing field when it comes to
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“Investor demand for BITO remains strong, as shown by the ETF reaching a new high in assets under management,” Simeon Hyman, global investment strategist at ProShares, said in a statement to CryptoX. “We believe this speaks to the demand for a familiar, accessible and regulated way to target the returns
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In anticipation of this pivotal event, there has been a substantial uptick in trading volume for products launched by ProShares and Grayscale. Activity surrounding Bitcoin investment products, particularly exchange-traded funds (ETFs), has seen a notable increase. This surge is primarily driven by the growing excitement within the market about potential ETF
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From the very beginning, observers speculated BITO and other futures-based ETFs would significantly underperform bitcoin due to costs associated with rolling over, or selling expiring futures contracts and buying the next set. Usually, longer-dated futures contracts trade at a premium to those closer to expiry, a condition known as contango.
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Bitcoin (BTC) exchange-traded fund (ETF) fervor is back with a raft of new applications and an increase in capital inflows from institutional investors.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
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The underperformance stems from the costs associated with the fund's structure. BITO does not purchase tokens, instead it holds BTC futures contracts on the Chicago Mercantile Exchange (CME). The fund must roll over the contracts every month as they expire, making it vulnerable to the price difference between terms. If
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"Binance's 24-hour average basis [spread between futures and spot prices] reached a new all-time low on Monday of 1.17%, below the bottom 1.18% seen on July 21, 2021. This points towards a very pessimistic sentiment among leveraged traders and, yes – a sign of capitulation," Vetle Lunde, market analyst at
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Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.Top Stories This WeekBakkt shares skyrocket after partnering with Mastercard
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From Oct. 19, when the ProShares ETF started trading, through Tuesday, BITO shares were down by 2.45%, based on a chart shared by Grayscale, the company that sponsors GBTC. Bitcoin was down 1% over the same period, and GBTC was up 7.5%. (Grayscale is a unit of Digital Currency Group,
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