ProShares and Grayscale are leading the surge in Bitcoin investment products, with increased volume and inflows into Bitcoin exchange-traded funds (ETFs). The possibility of a Bitcoin spot price-based ETF in the United States has generated excitement and boosted the surrounding ecosystem. ProShares Bitcoin Strategy ETF (BITO) and Grayscale Bitcoin Trust (GBTC) saw notable trading volume, indicating strong demand for alternative investment options. The GBTC discount to the Bitcoin spot price has reached a two-year low, suggesting growing confidence in the product. However, investment management firm ARK Invest has reduced its GBTC holdings despite the gains in share price. The market is eagerly awaiting regulatory changes that could pave the way for a spot Bitcoin ETF.