ProShares ETF's Bitcoin stash hits $1.27B as BTC eyes $50K by mid-April
Strong inflows into the ProShares Bitcoin Strategy ETF (BITO) in the past two weeks pushed its Bitcoin (BTC) exposure to a new record high.
The fund, which uses futures contracts to gain exposure to Bitcoin's price movements, had a record 28,450 BTC under its management — worth about $1.27 billion at today's price — as of March 24, compared to nearly 26,000 BTC a month before, according to official data from ProShares.
Interestingly, the inflows appeared in the days leading up to the "rollover" of BITO's 3,846 March future contracts in the week ending March 25.
To recap, a rollover involves traders moving their futures contracts as their expiry nears to a longer-dated contract, so to maintain the same position.
BITO's rolling periods typically follows up with an increase in Bitcoin net outflows, noted Arcane Research in its latest report, while citing the last rolling period due to the market uncertainty caused by the Russia-Ukraine conflict.
But on March 21 it also witnessed an inflow of 225 BTC to its coffers just as BITO rolled its 437 March contracts to April. That prompted Arcane to see a growing institutional demand for the fund. It wrote in its report:
BITO has witnessed consistent net inflows for the remainder of this week, according to further data provided by Glassnode.
The inflows to ProShares Bitcoin ETF increase coincided with a rally in the spot BTC market on March 25.
On Friday, Bitcoin climbed another 2.5% to over $45,000, its highest levels in over three weeks. Alexander Mamasidikov, co-founder of crypto wallet service MinePlex, noted that that BTC's price could jump to $50,000 next.
"The growth seen in the ProShares BTC ETF to a new all-time high of 28,000 BTC is proof that the clamor for a Bitcoin-linked
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