Institutional investors in the US have started to show interest in ProShares' new ETF, "Short Bitcoin Strategy (BITI)" as the downward trend in cryptocurrencies continues. announced the sale of 870,000 shares worth $35 million a day later.

Michael L. Sapir, CEO of ProShares, said he was excited to offer the US's first Bitcoin short selling fund.

   “The initial demand that BITI has seen in the market confirms the need for a cost-effective ETF to hedge or profit from cryptocurrencies when the price of Bitcoin drops.”

ETF proshares

Launched on the New York Stock Exchange by ProShares earlier this week, BITI is designed to reflect the performance of the S&P CME Bitcoin Futures Index. Thus, the Short Bitcoin Strategy (BITI) fund provides investors with the opportunity to indirectly profit from the price drop of the largest crypto asset in the crypto market. With the launch of BITI, ProShares has introduced the first inverse ETF in the US heavily tied to Bitcoin for the top asset class. ProShares was also the company that launched BITO, the first US Bitcoin futures ETF, in October 2021.

In addition, the mutual fund company ProFunds, a subsidiary of ProShares, also launched the Short Bitcoin Strategy ProFund (BITIX) for those who prefer mutual funds. The BITIX mutual fund will be a financial product that invests in the BITI ETF and has the same investment strategy. Last July, ProFunds launched BTCFX, the first Bitcoin-backed mutual fund.

ETF 2

Bitcoin price continues to struggle to stay at the $20,000 level today. BTC, which lost 3.55 percent in yesterday's transactions, closed the day at $ 19,988. Bitcoin, which started the new day with a buyer, is changing hands at the $ 20,600 band after gaining 3 percent since the opening. According to the latest situation, Bitcoin continues with a 57 percent depreciation from its price of $ 47,700 at the beginning of the year.