21 Mar 2022
BITO’s bitcoin exposure climbing to a new ATHProshares’ bitcoin exposure has grown a to new all-time high as we enter yet another rolling week.
The total bitcoin exposure in ProShares BITO ETF has climbed to a new all-time high above 28,000 BTC after having seen two weeks of strong inflows.Strong inflows into futures-ETFs may have spill-over effects on bitcoin’s price as market makers chase for delta-neutrality, leading them to accumulate more in the spot market to offset any possible net short exposure.This week, BITO will be rolling over its 3846 March futures contracts. These rolling periods have mostly been accompanied by net outflows in the fund, with the last rolling period being particularly harsh due to the market uncertainty caused by the invasion of Ukraine.On Monday, BITO began rolling over its March exposure by rolling 437 March contracts to April. The fund still saw net inflows accumulating to 225 BTC yesterday.Overall, the strong inflows to BITO suggest that bitcoin appetite through traditional investment vehicles is increasing.