BITO will be the first publicly traded Bitcoin exchange traded fund on the NYSE. Not holding BTC itself, but forms of BTC futures contracts to mimic it's performance. Until now, the SEC hasn't given permission for anything similar, but their 75-day window to object ends tomorrow.
Essentially, investors wary of direct crypto access or used to platforms that aren't things like Coinbase can more easily get more exposure to crypto indirectly.
I remember looking into that Grayscale trust a while back, and management fees were through the roof, so I just bought BTC through Coinbase instead. I think I heard they're trying to convert to being an ETF as well based on how BITO goes.
Grayscale's BTC ETF is like $35B, but that's also directly in BTC. I think it had a noticeable, positive, impact in the market once things stabilized.
This one being purely futures, is tough to gauge for me. It will all depend on how it's managed, and the larger they get, the more that management will impact the market itself. That's a feedback loop that can go either direction and still be profitable in the futures market.