According to Cointelegraph: Despite the launch of spot Bitcoin Exchange-Traded Funds (ETFs) in the United States, ProShares, a major issuer of futures-based Bitcoin ETFs, sees potential advantages instead of threats for their futures products.
According to ProShares' global investment strategist Simeon Hyman, the introduction of spot Bitcoin ETFs benefits their futures ETFs on both commercial and operational fronts. The company's flagship Bitcoin futures ETF, the ProShares Bitcoin Strategy ETF (BITO), has experienced efficient trading volumes following the launch of spot Bitcoin ETFs.
Highlighting the commercial impact of the launch, Hyman said that BITO is trading at two basis points or 2/100th of a percent off of its underlying value, compared to an average premium or discount on the spot ETFs of 36 basis points.
Operationally, the advent of spot Bitcoin ETFs is encouraging more people to enter the Bitcoin market, which Hyman believes is improving the futures market.
However, this doesn't fully align with BITO’s trading dynamics in recent weeks and months, with the exception of the unusual surge in trading volumes on January 11, amid the fervor around the launch of spot Bitcoin ETFs.
Following the launch of spot BTC ETFs, BITO has seen trading volumes return to regular figures. Notably, spot Bitcoin ETFs like BlackRock's iShares Bitcoin Trust (IBIT) and Grayscale Bitcoin Trust ETF (GBTC) surpassed BITO’s trading volumes recently. Despite this, BITO remains an influential Bitcoin ETF in terms of trading volumes, given its status as the first substantial futures Bitcoin ETF in the United States. Unlike a spot Bitcoin ETF, which tracks actual Bitcoin holdings, ProShares’ BITO tracks futures contracts as its underlying asset.