The decline in interest in Bitcoin futures ETFs could be due to various factors, the most prominent of which is the falling price of BTC since the all-time high reached in mid-November. Following a stellar debut, interest in the ProShares Bitcoin Strategy Exchange Traded Fund (BITO) has waned, with the fund now holding the fewest CME contracts since November 2021.
According to the fund’s most recent update on January 11, the Bitcoin futures exchange-traded fund (ETF) holds a total of 4,904 Chicago Mercantile Exchange (CME) futures contracts. A Bitcoin futures ETF allows investors to speculate on the future price of Bitcoin (BTC) without actually holding the asset. BITO’s assets under management (AUM) have fallen to $1.16 billion from a high of $1.4 billion in November. It is roughly the same amount it had two days after its October 18 launch, when it became the fastest fund in history to reach $1 billion in AUM.
In its most recent Weekly Update, Arcane Research discussed potential reasons for the BITO retracement. As one might expect, the main reason is Bitcoin’s poor price performance over the last two months, as it has fallen from the $69,000 it reached on November 10 to its current price of around $43,700.
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