Investors Pile Into Short Bitcoin ETF Betting on Prices to Fall
— Fund, Pile, Futuresbased, Management, Futures, Investors, Bitcoin, Prices, Performance, Equivalent, Betting, Proshares, Btc, Etf, Fall, Short — 1 min read
ProShares Short Bitcoin Strategy ( BITI ) ETF raked in the equivalent of 544.2 BTC, or $11 million at current prices. BITI's lackluster performance on the opening day met with a shrug from analysts. The fund is designed to deliver the inverse of bitcoin's performance, meaning that the fund's investors book a 1% profit on their investment if BTC price falls 1% (before management fees and expenses) BITI saw strong inflows on Wednesday and Thursday, overtaking the bitcoin futures ETFs of fund providers Valkyrie and VanEck. The largest U.S.-listed bitcoin ETF is the ProShares futures-based bitcoin ETF (BITO), which is far bigger than all competitors at 31,000 BTC. Source