The ProShares Ultra Bitcoin ETF (BITU) closed on January 14th up 5.74% to $51.93, driven by a surge in Bitcoin's price, which rose 2.06% to $96,457.38. Bitcoin's upward momentum was fueled by a lighter-than-expected inflation reading, which increased risk appetite among investors, pushing the cryptocurrency back above the $97,000 mark. Institutional interest also played a significant role, with Italy's largest bank, Intesa Sanpaolo, making a notable Bitcoin purchase, signaling growing acceptance of digital assets in traditional finance. Additionally, SEC Chairman Gary Gensler's comments likening Bitcoin's potential long-term value to gold have bolstered investor confidence. The broader crypto market has seen gains, with the CoinDesk 20 index rising by 3.9%.