Bitcoin bears are looking to get another reverse ETF

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Direxion seeks to join with ProShares and offer the investment community an exchange-traded fund that shortens bitcoin (BTC-USD) through managed futures contracts.

The Direxion Bitcoin Bear ETF strategy that will trade under ticker REKT intends to provide investors with a -1X return on bitcoin by providing a brief exposure to bitcoin futures contracts earlier this month traded on the Chicago Board of Trade according to Submission to the SEC.

Similar to the Proshares Short Bitcoin Strategy ETF (NYSEARCA:Beat), the Direxion fund will also have a cost ratio of 0.95%.

Bitcoin is under strong pressure as crypto assets are declining 35.7% in June and down bigger 56.8% in 2022. In addition, bitcoin is moving close to the $ 20,000 mark and looks set to break lower again on Wednesday as BTC-USD fell by 4% of the session.

Investors now have the opportunity to pass long bitcoins through managed future ETFs, as well as play on the other side and bet against cryptocurrency.

ProShares CEO Michael L. Sapir said: “As recent times have shown, the value of bitcoin may fall.”

BITI provides investors who believe that the price of bitcoin will fall with the possibility of potential profit or hedging of their cryptocurrencies. BITI allows investors to conveniently obtain a brief exposure to bitcoin by purchasing an ETF in a traditional brokerage account.

In the broader market news, the Wall Street rally has stalled pre-market trade.

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