The Shorts Are In

Proshares was the first company to offer a crypto futures ETF in the United States, back in October of 2021. The ETF (BITO) surged past expectations with almost $1 billion in volume on its first trading day. Now Proshares is making history again, by launching the first Short Bitcoin Strategy ETF.

• The ETF will trade under the ticker BITI. BITI aims to deliver the opposite performance of the CME Bitcoin Futures Index and will also gain exposure through bitcoin futures.
• The Proshares Short Bitcoin Strategy ETF aims to allow investors to profit from the decline of Bitcoin prices or hedge their crypto positions.
• The product launches today after the observance of the Juneteenth holiday.
• A mutual fund company affiliated with ProShares, ProFund will also launch a short bitcoin strategy mutual fund that begins trading today as well under the ticker (BITIX).
• ProShares CEO Michael L Sapir said in an announcement on Monday “As recent times have shown, bitcoin can drop in value,” and this product will allow investors to obtain a short position in a traditional brokerage account.
• These are the first bitcoin short strategy funds available in the US, but markets in Europe and Canada already offer short bitcoin exchange-traded products.

If the bitcoin futures ETFs, (along with million-dollar monkey pics) signaled a market top, will these bitcoin short offerings signal the market bottom is finally in? Stay tuned to the bitcoin technical analysis in our newsletter to see when this downtrend might finally turn around.