There is good news for people who think bad news about cryptocurrency is good. From tomorrow you will be able to buy an exchange traded fund based on short bitcoin. The financial company ProShares will debut with the first ETF, which allows you to bet against bitcoin, and it will be listed on the New York Stock Exchange when the bell opens tomorrow, June 21, under the ticker BITI.
The SEC previously approved Bitcoin ETF futures, also from ProShares, in October. It debuted along with some of the biggest growth Bitcoin has seen. Now the cryptocurrencies were fights hards bitcoinEthereum and even stable coins they all suffer great losses.
What’s funny about the SEC’s approval of an ETF that can be used for short bitcoins is that it hasn’t yet approved an ETF that actually allows you to trade the bitcoins themselves. According to the SEC, you can bet on the future of bitcoin, bet against it or … that’s all. In the podcast Corner of crypto critics Bloomberg Intelligence ETF analyst James Seefart said the SEC “essentially lost the forest because of the trees.” Although it will from time to time approve Bitcoin-related ETFs, such as the one that debuts tomorrow, so far he has been reluctant to approve the Bitcoin ETF spotwhich would allow you to invest in bitcoin more directly. This makes investors interested in bitcoin to rely on strange applications and know the intricacies of crypto wallets.
Now, just because you can bet against the future of bitcoin with an ETF doesn’t mean that everything from now on is down to the hopes of bitcoin and the many memes and retail investors who have chained their own stars to cryptocurrency. “Of course, there can be no guarantee,” said Michael Sapir, CEO of ProShares. said the Wall Street Journal, “But based on how the futures market tracks the spot market, we are optimistic that the reverse product will also track.” We will have to see if Sapir’s assessment is correct as the market reacts.