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Last week, the ProShares' Bitcoin Short ETF (BITI) increased by 306%, solidifying its position as the second-largest Bitcoin ETF in the United States.
According to Arcane Research, BITI's net short exposure has increased from 937 BTC on June 27 to 3,811 BTC. Most fresh deposits arrived on June 29 and 30, with 1,684 BTC and 700 BTC, respectively.
The fund debuted on June 21 and became the second-largest Bitcoin ETF in the United States within two days, following another ProShares investment vehicle, the Bitcoin Strategy ETF (BITO), which has more than 32,000 BTC, according to statistics from Arcane.
ETFs, or exchange-traded funds, give investors indirect exposure to the underlying asset. Investing in commodities or cryptocurrencies, which might be difficult to transport or store, can be advantageous.
Futures-based Bitcoin ETFs are the only ones allowed in the U.S. yet. This implies they are backed by futures contracts, which are cash-settled wagers on the future price of Bitcoin rather than current values.
BITO was the first product of its kind to be introduced in the country, making it extremely popular among investors. BITI is designed differently than the S&P CME Bitcoin Futures Index; its performance is negatively associated with that index. In other words, investors earn when Bitcoin’s price falls.
Given that BITI is less than 10% of the size of BITO, ETF investors may continue to choose long exposure to BTC. In addition, Arcane stated last week that long-term exposure to BITI is ineffective.
The Securities and Exchange Commission has repeatedly rejected a Bitcoin spot-based ETF product backed by actual Bitcoin. Grayscale is suing the regulator for its refusal to treat spot- and futures-based funds equally, even though both have been permitted in several other nations.