The launch of the first US ETF linked to yesterday’s drop in bitcoin price is confirmed
According to a press release published via Business Wire on June 20, ProShares will launch the first short-expected bitcoin futures ETF with the ticker BITI on the New York Stock Exchange. All the information regarding the technical features of the newly launched ETF is available in the brochure.
The acronym nature of BITI is designed to allow users to trade and profit from them, in contrast to the performance of the S&P CME Bitcoin Futures Index, for example, the long-expected bitcoin ETF from the similar ProShares, BITO.
Speaking of BITO launched in October 2021, it is worth noting that ProShares managed to raise over $1 billion in exchange-traded funds in just two days, making BITO the most successful launch in the history of this young industry. Gaya became an ETF.
Another thing worth noting is that BITO, which started at $42, is currently priced at $12.72, which is a drop of almost 70%. Well, we can say that it correlates really well with Bitcoin (BTC), which lost almost 70% of its October value in the period under review.
The launch of BITI makes ProShares the only US fund that offers its investors to trade bitcoins in both directions, implementing their strategies and hedging them using almost two identical instruments from one provider and, therefore, the process. Makes it more understandable. Let’s hope we see similar results and further performance in the case of BITO.