The company behind one of the exchange-traded funds () is linked to a futures contract The first in the United States will offer investors a new means of betting on cryptocurrency prices.

In one notification on Monday (June 21), ProShares said Short Strategy Their will be available for trading on New York Stock (NYSE), starting today (June 21) with the ticker BITI. It will allow US investors to bet against Bitcoin () using a futures contract, which is based on the performance of a cryptocurrency for a day as measured by the Futures Index Bitcoin on the Chicago Mercantile (CME) with an Expense Ratio of 0.95%.

“BITI is for investors who believe that the Bitcoin price will continue to fall with a potential profit opportunity or to protect their cryptocurrency ownership. It allows investors to short Bitcoin through the purchase of ETFs in a traditional brokerage account,” said ProShares CEO Michael Sapir.

The launch of the Short Bitcoin Strategy ETF comes amid a bear market and is for two major cryptocurrencies including Bitcoin and Ether (). On Saturday, the price fell below $18,000 for the first time since 2020 but has since returned to $20,608 today. Price fell similarly, falling below $1,000 on June 18 – an 18-month low.

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“Short The first in the United States began trading on Tuesday. ProShares wins the race again. That's BITI," Bloomberg senior ETF analyst Eric Balchunas said of the launch.

In 2021, ProShares launched its Bitcoin Strategy ETF on the NYSE, providing one of the first investment vehicles to offer exposure to BTC futures in the United States. Opened at $40 on Oct 18 and has dropped over 68% to $12.72 at the moment. In addition to BITI, ProShares affiliated company ProFunds has announced it will launch a mutual fund vehicle to short BTC under the token BITIX.

Investors do not have access to the Bitcoin ETF on the spot market listed in the United States. However, the US Securities and Exchange Commission () approved BTC futures ETFs starting in 2021, including funds from ProShares and .

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