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Bitcoin Hits 6-Month High as First Bitcoin Futures ETF ‘BITO’ Starts Trading

Bitcoin Hits 6-Month High as First Bitcoin Futures ETF ‘BITO’ Starts Trading

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The ProShares ETF is structured to invest in bitcoin futures contracts traded on the Chicago-based CME, rather than investing in the cryptocurrency directly. So the ETF by itself won’t introduce any new demand for bitcoin. However, merchants may purchase extra bitcoin as they appear to hedge towards the futures value or make the most of pricing disparities.

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