Group 1 - The ProShares Ultra Bitcoin ETF (BITU) was launched in April 2024, aiming to provide investors with twice the daily return of Bitcoin [1]

Core Insights - Bitcoin has surpassed the $120,000 mark for the first time, marking a significant bullish trend and a breakout from previous trading ranges, with a nearly 30% increase since December and more than doubling in 2024 [1] Institutional Demand & ETF Inflows - There has been strong institutional demand for Bitcoin, with Bitcoin ETFs gathering $7.1 billion in capital over the past five trading sessions, and a total of $50.1 billion in inflows since their launch last year, including $14.9 billion this year [4] - Companies like MicroStrategy (MSTR) and GameStop (GME) are increasing their Bitcoin holdings, indicating a growing corporate interest in cryptocurrency [5] Regulatory Momentum - The U.S. House of Representatives is set to deliberate on crypto-focused bills, aiming to create a clearer regulatory framework for digital assets, which could enhance institutional inflows and reinforce Bitcoin's status as a macro asset [7][8] - The GENIUS Act, recently cleared by the Senate, proposes a federal framework for regulating stablecoins, reflecting a pro-crypto regulatory stance [8] Macroeconomic Factors - Bitcoin is increasingly viewed as a hedge against inflation and geopolitical uncertainty, particularly in light of ongoing tensions in Eastern Europe and Asia [9] Market Outlook - The current rally in Bitcoin reflects a resurgence in investor confidence, especially from institutional players seeking exposure to digital assets as both a hedge and growth opportunity, with analysts suggesting that the crypto bull cycle may have further potential [10]