There is good news for those who consider the bad news about crypto to be good. Starting tomorrow, you will be able to buy exchange-traded funds based on shorting bitcoin. Financial firm ProShares will launch the first ETF for you to bet against bitcoin, and it is slated to list on the New York Stock Exchange when the bell opens tomorrow, June 21, under the ticker BITI.
The SEC also approved the Futures Bitcoin ETF from ProShares earlier in October. It started with some of the biggest growth ever seen in bitcoin. Now, the cryptocurrency is struggling hard, with bitcoin, ethereum, and even stablecoins all taking huge losses.
The funny thing about the SEC’s approval of an ETF that can be used to short bitcoin is that it has yet to approve an ETF that actually allows you to trade bitcoin. According to the SEC, you can bet on the future of bitcoin, bet against it, or… “The SEC has essentially lost the forest to the trees,” said James Seifert, a Crypto Critics Corner Bloomberg Intelligence ETF analyst on the podcast. While it will occasionally approve bitcoin-related ETFs such as the one that debuted yesterday, it has so far been reluctant to approve spot bitcoin ETFs, which will let you invest more directly in bitcoin. This leaves investors interested in bitcoin relying on strange apps to learn the ins and outs of the crypto-wallet.
Now, just because you can gamble against bitcoin’s future with an ETF, doesn’t mean everything is downhill from here on out for bitcoin hopefuls and the many memes and retail investors who put their own stars in the cryptocurrency. have taken. “Of course, there can be no guarantees,” said ProShares chief executive Michael Sapir. wall street journal“But based on how the futures market tracks the spot market, we are optimistic that the inverse product will track well as well.” We will have to see whether Sapir’s assessment is correct as per the market reaction.