ProShares’ first short bitcoin ETF got off to a very slow start when it launched on June 21, but picked up pace the next day by increasing trading volume by 380%.
On its June 21 launch day, the ProShares Bitcoin Short Strategy exchange-traded fund (BITI) traded 183,300 shares, Bloomberg ETF analyst Eric Balchunas noted in a note. tweet is “less than 1% of the volume $ Beato This time of the first day. “
However, trading volume on the second day jumped nearly fourfold to 886,200 shares worth about $36.2 million according to to Yahoo Finance.
– Expand. (@cryptounfolded) June 22, 2022
This BTI Exchange Traded Fund (ETF) Allows Investors to Take Short Positions in Markets Without Owning Bitcoin bitcoin they themselves. Going short means speculating that the value of a market or asset will fall.
ProShares CEO Michael L. Sapir spoke on the second day about demand and BITI’s low fee structure.
“BITI’s popularity in the market confirms investor demand for convenient and cost-effective ETFs to potentially profit or hedge their cryptocurrency holdings should Bitcoin’s value decline.”
ProShares also offers the Bitcoin Strategy ETF (BITO), which launched on October 18. $1 billion in transaction volume on its first day of trading.
By November, the sales of BITO were in the top 2% Among all ETFs, but has lost 50.93% of its value since inception
Of course, $36 million pales in comparison to the $1 billion long position on day one. That likely means most investors aren’t sure if there’s further downside here. The largest cryptocurrency by market cap has lost more than 30% of its value in the past 30 days.
BITI’s relatively poor performance on launch day drew ridicule from Bloomberg Intelligence CFA James Seifert. On June 21, Seyffart tweeted that within the first hour of trading, BITI had only completed about $1 million in trading volume.
Saifat Say He expected a low opening, but “yes, certainly not that it was a surprise. Although I must admit I was a little surprised it was so low.”
so.. $ bitcoinProshares inverse #bitcoin The futures ETF launched today is off to a rather slow start based on volume. Of course, it doesn’t start trading until 9:57 AM. So we have an hour of trading with a total volume of only $1 million… https://t.co/Hf0XFeGmsX
— James Seifert (@JSeyff) June 21, 2022
As of the close, BITI’s volume was about $7.1 million, with an average daily price of $39.06 per share.
Australia’s new bitcoin ETF also struggled to attract interest. Cosmos Targets Bitcoin Access ETF (CBTC) in April Expected to attract $1 billion inflow. However, the launch date of it and the ETFS 21Shares Bitcoin ETF (EBTC) has been pushed back to May 12.To date, CBTC only owns $810,000 assets while managing EBTC There are $2.8 million.
U.S. traders still crave a spot Bitcoin ETF that the SEC has denied for years.Commissioner Hester Pierce believes that Bitcoin Spot ETF Available In the U.S., industry players and regulators work closely to ensure consensus.