As crypto-asset prices fell, Wall Street investors showed huge interest in the new ProShares Short Bitcoin ETF — BITI.
Less than two days after debuting on the New York Stock Exchange, ProShares said its freshly created short Bitcoin fund has already started generating considerable volumes.
On its second day of trading, the new strategy fund which gives downside exposure to the Bitcoin traded in more than 870,000 securities worth $35 million, according to a statement from the ETF’s issuer.
ProShares CEO Michael L. Sapir expressed his company’s delight in giving cryptocurrency investors access to the first short Bitcoin ETF in the United States, adding that the market’s response to BITI confirms investors’ need to a convenient and affordable ETF to potentially hedge their crypto holdings when the value of Bitcoin drops.
This week, the ProShares Short Bitcoin fund made its debut on the New York Stock Exchange under the ticker BITI. The objective of the fund is to offer investors the opportunity to profit from the decline of the biggest cryptocurrency.
With the introduction of BITI, ProShares launches the first inverse ETF in the US with a high correlation to Bitcoin. With BITI, investors can gain exposure without going through complex procedures. No need for a wallet, since ETFs are traded like stocks.
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The BITI fund, according to ProShares, performs opposite to the S&P CME Bitcoin Futures Index. BITI debuted just eight months after ProShares introduced its first Bitcoin futures ETF.