The first short Bitcoin ETF launched on June 21 from ProShares to tumbleweeds. Few buyers took the opportunity to short Bitcoin... maybe that's a good sign for Bitcoin bulls?
ProShares CEO Michael L. Sapir talked up the volume on day two as indicative of demand and the low fee structure of BITI.
“The reception that BITI is getting in the market affirms investor demand for a convenient and cost-effective ETF to potentially profit or hedge their cryptocurrency holdings when bitcoin drops in value.”on its first day of trading.of all ETFs, but has now lost 50.93% of its value since inception Of course $36M pales in comparison to the $1B long positions on day one. This may mean most investors are uncertain if there is further downside from here. Over the past 30 days, the largest crypto by market cap has lost over 30% of its value.
BITI’s relatively poor performance on launch day drew jeers from CFA at Bloomberg Intelligence James Seyffart. On June 21, Seyffart tweeted that within the first hour of trading, BITI had only done about $1 million in volume.that he expected opening volume to be low, but “Yea def not saying it’s a surprise. Though I must admit I’m a tad surprised it’s THIS low.”
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