Analysis indicates that there is indicated demand for a spot Bitcoin ETF, and ProShares and Grayscale are leading the spike in activity in Bitcoin investment products.
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A significant increase in volume is being observed in Bitcoin institutional investment vehicles as anticipation of potential regulatory changes in the United States grows.
Data from sources, such as Bloomberg, indicated that record weekly inflows were approaching for Bitcoin exchange-traded funds (ETFs) and other products.
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Trade in GBTC and BITO is $2.5B
Not only has the price action of Bitcoin been affected by hints that the U.S. would soon permit a Bitcoin spot price-based ETF, but the surrounding ecosystem has also benefited.
Demand for troubled institutional investment options is rising, in addition to exchanges and mining companies.
In the trading week ending on October 27, at least two well-known brands experienced “notable” activity, according to Eric Balchunas, senior ETF analyst at Bloomberg.
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One of them was the ProShares Bitcoin Strategy ETF (BITO), which was approved as the first futures-based ETF in the United States in 2021.
Balchunas commented on X (previously Twitter) and stated, “$BITO traded $1.7b last week, 2nd biggest week since its wild WEEK ONE.”
He pointed out that the stable Grayscale Bitcoin Trust (GBTC) brought in $800 million in volume, which contributed to bringing down its two-year low discount to the current price of Bitcoin.
While we believe spot ETFs are unlikely to create records on Day One, there is obviously an audience, as seen by the $2.5 billion (top 1% among ETFs) invested in two less ideal approaches (versus spot) for exposure, the X post concluded.
William Clemente, co-founder of the cryptocurrency analysis company Reflexivity, said that ETF trading was “back in full steam” after seeing the data.
“Know something we don’t yet” may be known by legacy finance.
Even before the 15% increase in the value of Bitcoin/USD last week, GBTC had made an incredible recovery in recent months.
Grayscale’s product is currently trading at an implied share price that is just 13.1% below the spot price of Bitcoin thanks to legal victories that were obtained throughout the arduous journey of obtaining authorization to transform GBTC into a spot ETF.
This is the lowest since November 2021, when Bitcoin itself was at all-time highs, according to statistics from the monitoring resource CoinGlass.
Meanwhile, well-known Bitcoin and altcoin trader Mister Crypto retorted, saying, “The GBTC discount keeps narrowing.”
“Maybe TradFi knows something we don’t know yet…”
In spite of this, ARK Invest, an investment management company, has decreased its holdings in GBTC in proportion to the increases in share price.
ARK intends to establish a Bitcoin spot ETF, but for the first time since November 2022, GBTC now makes up 10.24% of its ARK Next Generation Internet ETF.
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