The first short Bitcoin EFF from ProShares It was very slow at the start of June 21 but gained momentum by 380% on the second day.
As of June 21, Bloomberg’s Eric Balchunas, an analyst with IFC, traded 183,300 shares in Procure Bitcoin Short Strategy Exchange-Trading Fund (BITI). Twitter It was less than 1% of the volume. $ BITO It was the first day of the week. “
The next day, however, the trade volume quadrupled, with 886,200 shares worth about $ 36.2 million.
ProShares #Bitcoin Short Strategy ETF (BITI) trades worth 35 million shares of 870 k shares on second trading day https://t.co/gyfMcm4UOz
– Expanded. (@cryptounfolded) June 22, 2022
The BITI exchange Trading Fund (ETF) allows investors to take short positions in the Bitcoin market without having to spend BTC on their own. Shorting means assuming that the value of a market or property falls.
Procurement CEO Michael L. Sapier said loudly on day two that it indicates a low BITI structure.
“The welcome that BITI is receiving in the market confirms the need for a comfortable and cost-effective ETF to attract investors.
ProShares will present the Bitcoin strategy EFF (BITO), which began on October 18. BITO saw close to $ 1 billion in its first trading day.
In November, BITO was one of 2% of all ETFs, but has lost 50.93% of its value since its inception.
In fact, $ 36M is lower on the first day compared to $ 1B long positions. This means that many investors are not sure if there are more negative aspects to this. Over the past 30 days, the biggest crypto has lost more than 30% of its market value.
On the day BITI was launched, the relatively poor performance of the CFA was mocked by Bloomberg Intelligence James Seifert. On June 21, Sefert tweeted that in the first hour of the trade, BITI made only $ 1 million in volume.
Seifert He said. He expects the opening rate to be low, but says, “Yes, it ‘s amazing. I have to admit I am tad, but this is very low.
in order to.. $ BITIProshares Reversal #Bitcoin The Futures ETF, which started today, is a very slow start in terms of volume. It is known that he did not start trading until 9 a.m. 57. Sooo We trade in one hour and the total transaction volume is only $ 1 million … https://t.co/Hf0XFeGmsX
– @JSeyff June 21, 2022
Closer to home, BITI traded at $ 7.1 million a day, $ 39.06 a day.
Related Illustrated Bitcoin EFF criticizes Hesters Pierce for lack of legal transparency for crypto
Australia’s new Bitcoin Bitcoin EFA has also struggled to attract interest. In April, Cosmos is expected to raise $ 1 billion in Bitcoin Access ETF (CBTC). However, he and ETFS 21Shares Bitcoin ETF (EBC) launch date has been delayed until May 12. CBTC has $ 810,000 assets under management and EBC has $ 2.8 million.
US traders still yearn for the Bitcoin ETF, which the Securities and Exchange Commission has denied for years. Commissioner Hesther Pierce believes that Bitcoin spot ETF could be launched in the United States when industry insiders and regulators work together to ensure that both are on the same page.