The ProShares BITO Bitcoin ETF has experienced a significant uptick in weekly inflows, with a total of $65 million pouring in as institutional investors renew their interest in Bitcoin futures. This surge in capital inflows marks the largest weekly inflow for the fund in a year, pushing its total assets over the $1 billion mark.

The BITO, the first Bitcoin-linked ETF in the U.S., is a favorite among institutional investors. According to Eric Balchunas, a senior ETF analyst at Bloomberg, the fund has tracked Bitcoin's performance closely, with only a 1.05% annual lag behind spot prices. The fund charges a 0.95% fee.

The BITO fund has seen a 59.6% increase since the beginning of 2023, as reported by ProShares. The interest in Bitcoin derivatives has been on the rise since BlackRock filed for its own Bitcoin ETF on June 15. The Deribit crypto options exchange reports that Bitcoin futures open interest has surged in the past week, currently standing at $319 million, a 30% increase from the previous week.

The resurgence in ETF trading and the subsequent Bitcoin price increase have also benefited Grayscale, the world's largest crypto asset manager. The Grayscale Bitcoin Trust (GBTC), which has been trading at a significant discount to spot Bitcoin prices for several months, is now moving in a positive direction as the gap narrows.

The Securities and Exchange Commission's approval of a spot Bitcoin ETF remains uncertain. However, the race is on as a new wave of filings has followed BlackRock's. WisdomTree has filed with the SEC for the third time to create a spot Bitcoin ETF, and Invesco has renewed its application for a similar product. ETF Store President Nate Geraci has listed several ETF issuers to watch for potential filings or refilings for a spot Bitcoin ETF.