The BITO fund was the first bitcoin futures ETF in the U.S. and remains the most popular of such products among institutional investors. According to Eric Balchunas, senior ETF analyst at Bloomberg, the fund shows itself as a reliable instrument, whose shares clearly follow the spot price of BTC. Since the beginning of the year, investors in BITO stock have gained 59.6%.
Analysts believe that the reason for the fund’s growing popularity was BlackRock’s application to launch a spot ETF on bitcoin. Four other firms then filed similar applications.
BlackRock’s filing shook up the cryptocurrency market, with bitcoin pushing back from $25,000 and surpassing the $30,000 level. Many analysts believe that it is the largest asset management company’s application that will be the first to be approved by the U.S. Securities and Exchange Commission (SEC). Some in the industry say the crypto market is on the verge of a long bull cycle.
As a reminder, the BITO fund was launched on Oct. 19, 2021 on the NYSE Arca. On the first day the volume of stock trading exceeded $1 billion.<br