HomeBitcoinYou Can Now Bet on The Decline of Bitcoin in The Stock...

You Can Now Bet on The Decline of Bitcoin in The Stock Market.

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After pioneering Bitcoin ETFs (based on futures contracts) in the United States with the Bitcoin Strategy ETF (NYSE:BITO) eight months ago, ProShares will now launch the first ETF to short sell bitcoin (in the United States), taking advantage of the cryptocurrency’s decrease.

The ProShares Short Bitcoin Strategy, which will trade on the New York Stock Exchange under the symbol BITI, is intended to provide investors with a means to gamble against bitcoin price drops.

“As recent events have demonstrated, bitcoin’s value may fall,” ProShares CEO Michael Sapir said in a statement Monday.

“BITI provides a chance for investors who anticipate the price of bitcoin will fall to profit or hedge their cryptocurrency holdings.” BITI enables investors to acquire simple short exposure to bitcoin by purchasing an ETF in a standard brokerage account.”

BITI, according to ProShares, is intended to deliver the inverse of the performance of the S&P CME Bitcoin Futures Index and seeks exposure through bitcoin futures.

However, we will question the significance of the timing of the introduction of this ETF, given that Bitcoin has rebounded dramatically since reaching lows around $18,000 on Saturday, reaching above $21,000 on Tuesday, leading some to conclude that the market bottom has been reached.

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