While BTIO has grown stronger and stronger since the month of October with the current market worth around $1.4 billion, one expert thinks that VanEck’s Bitcoin spot ETF has a 200-to-1 chance of being approved by the SEC.
Since the days of its initiation ProShares’ Bitcoin-powered (BTC) fund that supports the futures exchange-traded (ETF) has caught the eye of both institutional and private investors all across the globe. The fund’s popularity has only increased since that.
The data has shown that the fund has been rising to the top 2% of all ETFs in terms of total market capitalization. As the result of the current popularity of Bitcoin, the fund will further catch the interest of investors all across the globe and ProShares is working on bringing more investors on board to invest in the company’s ETF funds.
As of this writing, there have been multiple experts who praised the vision behind this decision. The most recent praise comes from Bloomberg. Bloomberg’s ETF analyst Eric Balchunas discussed the idea and said that ProShares Bitcoin Strategy ETF (BITO) currently owns shares worth $400 million, which is traded on Thursday.
However, over the past several days BITO has seen an overall inflow of $112.79 million. As compared with BITO’s performance the ProsShares’ ETH fund has seen an inflow of $567.16 million and $489.51 million in their first two days. Balchunas said that this sort of staggering performance has never been experienced by any new emerging ETH fund as of now.
On the other hand, BITO which was launched on the New York Stock Exchange on Oct. 19, up to now has accumulated over 1.4 billion worth of assets which are being managed by the fund as of this writing.
Despite the fact that BITO has filed to record another surge in its price as it is traded around $42.3, but still, the backing of a large number of investors has made BITO the biggest fund. However, it is worthwhile mentioning that BITO was enlisted around $43.2., which is higher than its current price.
It seems that the current surge in the Bitcoin market value and investors’ backing are two of the biggest factors which are driving BITO forward. This is the ray of hope for future investors. Balchunas also discussed VanEck’s spot ETF fund. He said that the fund would be quashed by the United States Securities and Exchange Commission. The deadline for the decision about the future of the fund is due on November the 14th. However, the comparison of Bitcoin futures and Bitcoin has over the years provided similar results. That’s the reason futures are considered a secure investments as well.