Some see a bright April coming. Latest Bitcoin inflows suggest reaching $50K by next month, according to BITO's optimistic views.
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 the current price — as of March 24, compared to nearly 26,000 BTC a month before,ProShares Bitcoin ETF holdings as of March 24, 2022.
"The strong inflows to BITO suggest that Bitcoin appetite through traditional investment vehicles is increasing."to further data provided by Glassnode.The inflows to the ProShares Bitcoin ETF increase coincided with a rally in the spot BTC market on March 25.climbed another 2.5% to over $45,000 , its highest levels in over three weeks. Alexander Mamasidikov, a co-founder of crypto wallet service MinePlex, noted 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 exchange-traded fund product is backed by an active demand," he told Cointelegraph, adding: "These positive price trend activities have impacted BTC thus far and a sustained accumulation or investment from both retail and institutional investors is poised to push the coin to form strong support above $50,000 towards mid-April."
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