Bitcoin

ProShares Bitcoin ETF Trades For $35 Million On The Second Trading Day

A recently published press release shows that the new Bitcoin futures ETF (BITI) has traded more than 870,000 shares on the second day after it was launched by ProShares.

ProShares Bitcoin ETF Trades For $35 Million On The Second Trading Day

Shorting Bitcoin among American investors

Local investors now have the option to short BTC, the leading cryptocurrency, thanks to ProShares, the largest top-tier ETF provider in the United States. The business introduced a short BTC futures ETF with the symbol BITI earlier this week. It was the first ETF in the US to support betting on a drop in the price of BTC.

Investors appear to have jumped at the possibility since it showed a significant trading volume on the second day of trading, estimated at about $35 million and climbing by 380%.

Michael L. Sapir, the chief of ProShares, came to that decision and stated it in the press release. He claimed that there is strong demand for an easy-to-use, reasonably priced exchange-traded fund that investors may take advantage of when the price of BTC declines.

The same company, ProShares, introduced the first ETF for BTC futures that permitted longing BTC in October 2021. It was denoted by the ticker BITO. With the introduction of a short BTC ETF, traders can now profit from changes in the price of BTC in both directions.

According to Grayscale CEO Sonnenshein, the establishment of BITI is encouraging since it demonstrates that the U.S. SEC regulatory body is steadily reforming and warming up to BTC and other cryptocurrencies.

How BITI facilitates Bitcoin shorting

ProShares Bitcoin ETF Trades For $35 Million On The Second Trading Day

Since centralized crypto exchanges typically impose various restrictions on opening short positions on spot BTC, making it exceedingly expensive among other things—between 5 and 20% —the new ETF enables shorting Bitcoin easier. It is much less expensive with BITI.

For individuals who would prefer to trade utilizing a mutual fund, ProFunds, a ProShares associated organization, has now introduced a new Short Bitcoin Strategy ProFund (BITIX).

“$220,000 still in play” according to Max Keiser

ProShares Bitcoin ETF Trades For $35 Million On The Second Trading Day

Max Keiser, a well-known Bitcoin maximalist, still believes that Bitcoin has a chance to reach the $220,000 level this year, but it’s hard to believe after the flagship digital currency crashed to the $19,000 level and is currently holding near $20,000 without further gains.

According to Keiser, the main cause of this is that the total number of Bitcoins is rigidly limited to 21 million, more than 18 million of which have already been mined and over 3 million of which have been lost permanently, increasing the perceived scarcity of BTC.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

21 minutes ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

1 hour ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

2 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

3 hours ago

Why Qubetics, NEAR Protocol, and IMX Are Dominating Crypto: The Best Altcoins to Join Today for Game-Changing Returns 

Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…

5 hours ago

Bonk’s ICO Was Just the Start: Why BTFD Coin’s Stage 7 Price Rollback Is Your Second Shot at Crypto Glory

BTFD Coin is offering a chance to relive the glory days of meme coin investing,…

6 hours ago

This website uses cookies.