The world's first "short-selling" Bitcoin ETF exploded 300% in just a few days of launch

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self.Bitcoin1m ago
**Although only launched late last month, the ProShares Short Bitcoin Strategy ETF (BITI) seems to have become a star today.** Since its launch in late June, the ProShares Short Bitcoin Strategy ETF (BITI), the pioneering US-based Bitcoin ETF, has been a hit. According to data published by Arcane Research on the evening of July 6, capital inflows are concentrated mainly on short-selling BTC ETF products. BITI has grown over 300% in just a few days. The timing of the BITI launch itself is also considered quite ideal, as BTC **has plummeted to an 18-month low of $17,600** and is still entrenched around the $20,000 mark. The GBTC premium, the difference between the market price of Bitcoin spot and the GBTC stock held by the trust, has been negative for over a year. This metric shows that the inflow of BTC has decreased significantly, resulting in a situation where GBTC is trading below the spot price in the market. Analysts' expectations are still tilted towards the market trend that will continue to turn bad, BTC will slide again and the above figure of BITI also somewhat confirms the sentiment of the current crowd. According to CoinShares, weekly inflows into BTC short-selling products contributed $51 million out of a total of $64 million in inflows for the whole week. Meanwhile, investments in BTC (long) products are only at $20 million. Up to $423 million of institutional capital flowed out of digital investment products between June 20 and June 24 alone. Although many big players have retreated from the market, investment products that offer the ability to short BTC have signaled a reversal, the reason is attributed to the news that **ProShares launched the first "short-sell" Bitcoin ETF. first in the United States.** ProShares has emerged since the **launch of the first Bitcoin ETF in the US** based on futures contracts, **reaching $1 billion in trading volume** on the first day of launch, followed by many other Bitcoin derivatives ETFs that were approved one by one. Securities and Exchange Commission (SEC) approval. Proshares' counterpart Grayscale has been "estranged" by the SEC time and time again. Most recently, the SEC **rejected a proposal to convert the Grayscale Bitcoin Trust (GBTC) into a Bitcoin spot ETF**. With the above decision, Grayscale has filed a lawsuit against the US Securities and Exchange Commission and is currently handling the application by the Washington DC Court of Appeals.