Let’s go over everything investors need to know about the new BTC-shorting exchange-traded fund below!
- The ProShares Short Bitcoin Strategy ETF starts trading today under the “BITI” ticker.
- Investors can buy BITI as a way to short Bitcoin with a traditional brokerage account while avoiding the typical high costs and fees.
- Investors may be interested in shorting Bitcoin as its price continues to plummet amid the current crash.
- So far, the options for shorting BTC have been limited; the ProShares Short Bitcoin Strategy ETF is the “first ETF of its kind” in the United States.
- BITI’s entry means that the U.S. Securities and Exchange Commission (SEC) has approved a Bitcoin short ETF before ever approving a Bitcoin spot ETF.
- Current ETFs basically allow investors to bet on the future of BTC via futures or against it through shorts, but don’t let traders simply invest in it.
- The launch of BITI comes as BTC trends down 70% from its all-time high.
- Bitcoin hit an all-time high back in November, reaching nearly $69,000.
- A single Bitcoin is worth about $21,400 as of this writing.
- While BTC is up 3.7% over the past 24 hours as of Tuesday morning, the falling trend may mean now is 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! Read 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 hold (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.