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Bitcoin ETFs have shown a lot of interest since the first green light was given by the Securities and Exchange Commission (SEC) last year, and although some of them have declined, they are still a good option for institutional investors who want to place bets. Digital resources but themselves do not hold any of it. Following the success of Future Bitcoin ETFs came the short Bitcoin ETF which is now beginning to dominate the market.
ProShares BITI barrel forward
The ProShares BITI ETF, known as the first short Bitcoin ETF in the United States, is making waves from lits aunch. In just over a week, the ETF has won the favor of institutional investors who have flocked to take advantage of it. This has led to one of the fastest growth rates in the history of Bitcoin ETFs to see how fast inflows have flowed.
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BITI is reported to have made a splash just four days after its launch which has made it the second largest Bitcoin ETF in the country. As its popularity has grown, so have investors. This will do even better in its second week, with BTC setting a new record with flowing volume.
Earlier this week, BITI’s holdings reached a total of 3,811 BTC. Most of the inflow came in late June at ETFs where 700 BTC and 1,684 BTC flowed into the fund on June 29 and 30, respectively.
Short BTC ETF hits new record | Source: Arcane Research
With this, BITI has moved forward, and although it still remains the second largest BTC ETF in the region, it has created more gaps between it and competitors like Valkyrie and VanEck Bitcoin Future ETFs.
Are Bitcoin investors bearish?
The 51 51 million short BTC flowed into the ETF last week and seems to have set a new record, pointing to the fact that institutional investors are upset about the future of Bitcoin. However, this only happens when it is viewed from one perspective.
Trending at BTC $ 20,000 Source: BTCUSD at TradingView.com
Even after its massive growth, BITI is still pale compared to Prosciences BITO, a long BTC ETF. At 3,811, the short bitcoin makes up about 12% of the size of the long portion of the ETF. This shows that although interest in short bitcoin ETFs is growing, most investors prefer to be long in bitcoin and this points to a more bullish feeling.
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Nevertheless, the flow in BITI shows that even in the near future, more and more investors are trying to take advantage of the perceived weakness in the market. Space experts say they expect it to continue at least until the end of the year. As such, it is no surprise that investors are trying to make a profit by believing that prices are falling for another six months.
Featured image from Admiral Markets, charts from Arcane Research and TradingView.com
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