Bitcoin ETF regulation Investments Bitcoin

Crickets on day 1... but Proshares short Bitcoin ETF volume up 380% on day 2

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cointelegraph.com

The first short Bitcoin ETF from ProShares got off to a very slow start on its June 21 launch but gathered pace by increasing trading volume 380% on day two.On launch day June 21, the ProShares Bitcoin Short Strategy Exchange-Traded Fund (BITI) traded a lackluster 183,300 shares which ETF analyst at Bloomberg Eric Balchunas noted in a tweet was “less than 1% of the volume $BITO had at this time on Day One.”However the next day’s trading volume jumped nearly four times to 886,200 shares worth about $36.2 million according to Yahoo Finance.ProShares #Bitcoin short strategy ETF (BITI) trades over 870k shares, 35 million value, on second trading dayhttps://t.co/gyfMcm4UOzThe BITI exchange traded fund (ETF) allows investors to take short positions on the Bitcoin market without holding BTC themselves.

Shorting means speculating that the value of a market or asset will fall.ProShares CEO Michael L. Sapir talked up the volume on day two as indicative of demand and the low fee structure of BITI.

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