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ProShares to launch short-Bitcoin ETF

Eight months after launching the first U.S. Bitcoin futures ETF, ProShares is ready to roll out the first U.S.-listed short Bitcoin futures exchange-traded fund this week. In a...
ProShares to launch short-Bitcoin ETF © Reuters. ProShares to launch short-Bitcoin ETF

Eight months after launching the first U.S. Bitcoin futures ETF, ProShares is ready to roll out the first U.S.-listed short Bitcoin futures exchange-traded fund this week.

In a Monday announcement, the financial firm said that its new Short Bitcoin Strategy ETF will trade on the New York Stock Exchange under the ticker BITI. It will allow investors to bet against the largest cryptocurrency using futures contracts after its price tumbled to levels not seen since 2020.

Amid a broader crypto market rout, Bitcoin fell to a new 2022 low of $17,601.58 over the weekend, a 70% drop from its November peak.

Michael Sapir, CEO of Bethesda, Md., the firm that launched the ProShares Bitcoin Strategy ETF in October last year, believes that this is a great opportunity to unleash their latest product. He said:

We all know that there are many people who are bearish about the short-term or the long-term prospects of Bitcoin or cryptocurrency in general,[…]As recent times have shown, Bitcoin can drop in value […] BITI affords investors who believe that the price of Bitcoin will drop with an opportunity to potentially profit or to hedge their cryptocurrency holdings.
The new short-Bitcoin ETF aims to attract those betting on the downfall of Bitcoin and those with long positions in Bitcoin seeking a hedge.

The ProShares Bitcoin Strategy ETF currently holds about $640 million in assets, down from nearly $1 billion on its debut. However, Sapir is adamant that “based on how the futures market has been tracking the spot market, we are confident that the inverse product will track well as well.”

While betting against Bitcoin’s performance in this current bear market appears tantalizing, long-term investors need to be extra cautious to avoid significant losses as inverse ETFs only track daily performance.

Continue reading on BTC Peers

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26-06-2022 18:02:12 (UTC+7)

EUR/USD

1.0554

+0.0031 (+0.29%)

Summary

Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (4)

EUR/USD

1.0554

+0.0031 (+0.29%)

Summary

Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (4)

GBP/USD

1.2272

+0.0012 (+0.10%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (6)

USD/JPY

135.23

+0.29 (+0.22%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (1)

AUD/USD

0.6944

+0.0055 (+0.80%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (6)

USD/CAD

1.2891

-0.0103 (-0.79%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

EUR/JPY

142.71

+0.71 (+0.50%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (1)

EUR/CHF

1.0114

-0.0001 (-0.01%)

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↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

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Sell (6)

Gold Futures

1,828.10

-1.70 (-0.09%)

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↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (0)

Silver Futures

21.130

+0.088 (+0.42%)

Summary

Sell

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Buy (0)

Sell (12)

Indicators:

Buy (4)

Sell (4)

Copper Futures

3.7365

-0.0025 (-0.07%)

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Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (4)

Sell (4)

Crude Oil WTI Futures

107.06

+2.79 (+2.68%)

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↑ Sell

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Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Brent Oil Futures

113.19

+3.14 (+2.85%)

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↑ Sell

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Natural Gas Futures

6.173

-0.066 (-1.06%)

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↑ Buy

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Buy (7)

Sell (5)

Indicators:

Buy (10)

Sell (0)

US Coffee C Futures

223.40

-5.60 (-2.45%)

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↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (7)

Sell (0)

Euro Stoxx 50

3,533.17

+96.88 (+2.82%)

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Neutral

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Buy (4)

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Buy (4)

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S&P 500

3,911.74

+116.01 (+3.06%)

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↑ Buy

Moving Avg:

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Buy (8)

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DAX

13,118.13

+205.54 (+1.59%)

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↑ Sell

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Buy (2)

Sell (7)

FTSE 100

7,208.81

+188.36 (+2.68%)

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↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (1)

Hang Seng

21,719.06

+445.19 (+2.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

US Small Cap 2000

1,765.74

+54.06 (+3.16%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

IBEX 35

8,244.10

+137.70 (+1.70%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (3)

Sell (5)

BASF SE NA O.N.

42.215

+0.785 (+1.89%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (1)

Bayer AG NA

57.79

-0.75 (-1.28%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (7)

Allianz SE VNA O.N.

181.20

+2.20 (+1.23%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (4)

Adidas AG

170.36

+3.30 (+1.98%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (5)

Deutsche Lufthansa AG

5.966

-0.310 (-4.94%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (3)

Sell (6)

Siemens AG Class N

102.62

+3.36 (+3.39%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (1)

Deutsche Bank AG

8.919

+0.407 (+4.78%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

 EUR/USD1.0554Buy
 GBP/USD1.2272↑ Sell
 USD/JPY135.23↑ Buy
 AUD/USD0.6944↑ Sell
 USD/CAD1.2891↑ Sell
 EUR/JPY142.71↑ Buy
 EUR/CHF1.0114↑ Sell
 Gold1,828.10↑ Buy
 Silver21.130Sell
 Copper3.7365Sell
 Crude Oil WTI107.06↑ Sell
 Brent Oil113.19↑ Sell
 Natural Gas6.173↑ Buy
 US Coffee C223.40↑ Buy
 Euro Stoxx 503,533.17Neutral
 S&P 5003,911.74↑ Buy
 DAX13,118.13↑ Sell
 FTSE 1007,208.81↑ Buy
 Hang Seng21,719.06↑ Buy
 Small Cap 20001,765.74↑ Buy
 IBEX 358,244.10Sell
 BASF42.215↑ Buy
 Bayer57.79↑ Sell
 Allianz181.20↑ Sell
 Adidas170.36↑ Sell
 Lufthansa5.966↑ Sell
 Siemens AG102.62↑ Buy
 Deutsche Bank AG8.919↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,760/ 6,840
(6,760/ 6,840) # 1,696
SJC HCM6,785/ 6,865
(0/ 0) # 1,716
SJC Hanoi6,785/ 6,867
(0/ 0) # 1,718
SJC Danang6,785/ 6,867
(0/ 0) # 1,718
SJC Nhatrang6,785/ 6,867
(0/ 0) # 1,718
SJC Cantho6,785/ 6,867
(0/ 0) # 1,718
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