The ProShares Bitcoin Strategy ETF, which trades under the ticker BITO, recorded millions of dollars worth of inflows over the last few weeks, taking its assets under management (AUM) back above $1.04 billion. 

Data from shows $14.9 million worth of inflows on June 29, followed by another $11.9 million on July 3. The fund began to see a considerable increase in investor interest following BlackRock’s application for a spot Bitcoin ETF, with BITO’s AUM growing by more than $200 million since the day of the filing.

It is worth noting that while the renewed optimism around a spot Bitcoin ETF is a positive development for digital asset investment products all around, the level of capital flowing into these funds is still a far cry from the interest seen during the bull market.

BITO was the first Bitcoin futures exchange traded product to launch in October 2021 and breached $1 billion in AUM just two days after its launch – the fastest any ETF has hit this milestone in history.

Still, despite a significantly cooler market, weekly inflows into digital asset investment products have continued to pile in. Research from CCData found that AUM across digital asset investment products has increased 69.5% year-to-date, reaching $33.4 billion in June.

In its Digital Asset Management Review, the analysts also found that the Grayscale Bitcoin Trust (GBTC) dominated 74% trading volume of total trust products in the market. 

“The surge in GBTC’s volumes and market share aligns with the growing positive sentiment towards the underlying asset,” noted the analyst.