BITI - BITI ETF: 10 Things to Know About the New ProShares Short Bitcoin ETF
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Investors wondering how to short Bitcoin (BTC-USD) are gaining a new option with the ProShares Short Bitcoin Strategy ETF (NYSEMKT:BITI).
Let’s go over everything investors need to know about the new ProShares Short Bitcoin Strategy ETF below!
- ProShares Short Bitcoin Strategy ETF starts trading today on the New York Stock Exchange under the “BITI” ticker.
- Investors can buy BITI as a way to short Bitcoin with a traditional brokerage account while avoiding the high costs and fees to short the crypto normally.
- Investors are interested in shorting Bitcoin as the price of the crypto continues to plummet amidst a crash.
- So far, options for doing so have been limited and it’s worth mentioning that ProShares Short Bitcoin Strategy ETF is the first of its kind in the U.S.
- Strangely enough, this has the U.S. Securities and Exchange Commission (SEC) approving a Bitcoin short ETF before ever approving a Bitcoin spot ETF.
- Basically, current ETFs allow investors to bet on the future of Bitcoin via futures, or against it through shorts, but don’t let traders simply invest in it.
- Another thing to highlight is that the launch of ProShares Short Bitcoin Strategy ETF comes as BTC is down more than 70% from its all-time high.
- Bitcoin hit its all-time high back in November when the price of the crypto managed to reach $69,000 per token.
- To put in perspective how far it’s fallen since then, a single BTC token is trading for about $21,415 as of this writing.
- While BTC is up 3.7% over the past 24 hours as of Tuesday morning, the falling trend means now might be the right time to short the crypto.
Crypto traders on the lookout for more recent market news are in the right place!
InvestorPlace is home to all the hottest crypto news that investors need to know about! For example, we’ve got the latest price predictions for Shiba Inu (SHIB-USD) and Dogecoin (DOGE-USD), as well as a list of cryptos to consider investing in. You can find out more about these matters at the links below!
More Tuesday Crypto News
- Shiba Inu Price Predictions: Where Will the Red-Hot SHIB Crypto Go Next?
- Dogecoin Price Predictions: Where Will Elon Musk’s Support Take the DOGE Crypto?
- 6 Cryptos to Dollar-Cost-Average Into Over the Next 3 Months
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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