Physical representations of the bitcoin cryptocurrency are seen in this illustration taken October 24, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing Rights
Oct 24 (Reuters) - The ProShares Short Bitcoin Strategy ETF , which allows traders to bet on a fall in bitcoin futures, hit a record low on Tuesday as the cryptocurrency surged on growing optimism that the launch of an exchange-traded fund tracking bitcoin is imminent.
Bitcoin, the world's largest cryptocurrency, hit an 18-month high on Tuesday, extending Monday's 10% surge, on speculation over the likely approval of a spot bitcoin ETF that was fueled by BlackRock's iShares ETF listing on the website of clearing house DTCC.
The ProShares fund had hit its peak of $45.61 a little over a year ago as crypto assets tumbled following the collapse of FTX, but struggled to hold on to gains this year amid the sharp recovery in bitcoin.
The fund fell nearly 10% to $16.18 in early trading, hitting a record low, and has shed 59.3% so far this year.
The ProShares Short Bitcoin ETF, which has $62.98 million in net assets, is still on track for its second month of inflows, according to Lipper data, as investors continue to pile into the fund even as prices fall.
"A lot of people think this rally is a short squeeze - we have no real news coming out and a lot of anticipation around the SEC's approval or disapproval of these spot ETFs and people are getting ahead of themselves," said Lucas Kiely, chief investment officer at digital wealth platform Yield App.
"Ultimately, the market is again buying the rumor and selling the fact and the BTC short ETF is the only way for investors to express the view BTC is going to sell off."
Kiely added that people could also be trying to hedge their bitcoin. "They've seen a price pump that they want to lock in so they buy the ETF to hedge their position."
Meanwhile, other bitcoin-linked ETFs, like the ProShares Bitcoin Strategy ETF that tracks bitcoin futures, and Valkyrie Bitcoin Miners ETF (WGMI.O), gained more than 9% each.
The Valkyrie Bitcoin and Ether Strategy ETF (BTF.O) was up 9.4%, leading gains among recently launched funds that track Ether futures.
Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by David Holmes
Our Standards: The Thomson Reuters Trust Principles.
Bansari reports on the global financial markets and writes Reuters' daily flagship market reports on equities, bonds and currencies. An economist by training and winner of the Arthur MacEwan Award for Excellence in Political Economy, she has written for renowned global papers and magazines including The Diplomat, Boston Globe, Conversation, Huffington Post and more.
View post:
Fund tracking inverse of bitcoin futures hits all-time low as cryptocurrency rallies - Reuters
- Richmond man charged in $10 million cryptocurrency home invasion theft - Vancouver Sun - November 24th, 2023 [November 24th, 2023]
- DOJ Seizes Nearly $9M Worth of Cryptocurrency Tied to Scammers - MarketWatch - November 24th, 2023 [November 24th, 2023]
- United States Files Forfeiture Action to Recover Cryptocurrency ... - Department of Justice - November 24th, 2023 [November 24th, 2023]
- Cryptocurrency rebounds with strong gains on Thanksgiving 2023 ... - Investing.com - November 24th, 2023 [November 24th, 2023]
- Exploring the Pros and Cons of Government and Institutional ... - Artvoice - November 24th, 2023 [November 24th, 2023]
- Top Crypto That Can Surprise You With Growth This Week - Analytics Insight - November 24th, 2023 [November 24th, 2023]
- The Importance of Cryptocurrency Security: Understanding Risks ... - Artvoice - November 24th, 2023 [November 24th, 2023]
- We are all tech lawyers now the future of cryptocurrency - Law Society Journal - November 24th, 2023 [November 24th, 2023]
- Bitcoin Recovers Strongly as Ethereum Leads Cryptocurrency ... - Proactive Investors USA - November 24th, 2023 [November 24th, 2023]
- Bitcoin in Bundestag: Germany's Bold Leap into Cryptocurrency Recognition - Finance Magnates - November 24th, 2023 [November 24th, 2023]
- Cryptocurrency Optimism's Price Increased More Than 4% Within 24 ... - Investing.com UK - November 24th, 2023 [November 24th, 2023]
- Bitcoin in 2024 how will the cryptocurrency fare next year and ... - Luxury Lifestyle Magazine - November 24th, 2023 [November 24th, 2023]
- Raiffeisenlandesbank to launch Bitcoin trading in early 2024 - Cointelegraph - November 24th, 2023 [November 24th, 2023]
- If Cryptocurrency Exchanges Want To Operate In U.S. they must ... - Tekedia - November 24th, 2023 [November 24th, 2023]
- New Crypto Coins and High Growth Cryptocurrency | Analysis of ... - Analytics Insight - November 24th, 2023 [November 24th, 2023]
- What Is Solana? How Does It Work? Forbes Advisor INDIA - Forbes - November 24th, 2023 [November 24th, 2023]
- Examining the Latest Cryptocurrency Poised for Exponential Growth ... - Analytics Insight - November 24th, 2023 [November 24th, 2023]
- David Sovka: A primer on cryptocurrency, aka a fool and his money are soon parted - Times Colonist - November 20th, 2023 [November 20th, 2023]
- Bitcoin falls 4.94% to $36007 - Reuters - November 20th, 2023 [November 20th, 2023]
- Cryptocurrency market retreats after recent rally, Bitcoin and Ethereum slip By Investing.com - Investing.com - November 20th, 2023 [November 20th, 2023]
- The Impact of Cryptocurrency on Gaming: The Evolution of Virtual ... - FingerLakes1.com - November 20th, 2023 [November 20th, 2023]
- Three Men Arrested For Complex Bank Fraud And Cryptocurrency ... - Department of Justice - November 20th, 2023 [November 20th, 2023]
- Crypto Safe: How To Move Cryptocurrency From Crypto Exchange ... - CCN.com - November 20th, 2023 [November 20th, 2023]
- NBC chief cautions youth over cryptocurrency risks - Khmer Times - November 20th, 2023 [November 20th, 2023]
- Cryptocurrency Ponzi Scam Unearthed in Odisha, Head of Yes World Crypto Token Arrested - Gadgets 360 - November 20th, 2023 [November 20th, 2023]
- Cryptocurrency wallets might be vulnerable to 'Randstorm' flaw - TechTarget - November 20th, 2023 [November 20th, 2023]
- Revolutionizing global payments: RocketFuel reveals how cryptocurrency is transforming businesses - Yahoo Finance - November 20th, 2023 [November 20th, 2023]
- British man cannot be extradited to US over fake cryptocurrency ... - Reuters UK - November 20th, 2023 [November 20th, 2023]
- READOUT: FinCEN Joins Harvard Kennedy School Event on the ... - FinCEN - November 20th, 2023 [November 20th, 2023]
- Why Asia, not the US, will be key for cryptocurrency in next bull cycle - South China Morning Post - November 20th, 2023 [November 20th, 2023]
- Cryptocurrency, Inflation, and Financial Stability: A New Economic ... - FingerLakes1.com - November 20th, 2023 [November 20th, 2023]
- Singapore to Share Cryptocurrency Tax Information With Other ... - Lexology - November 20th, 2023 [November 20th, 2023]
- Kaspa cryptocurrency hits all-time high amid Binance listing By ... - Investing.com - November 20th, 2023 [November 20th, 2023]
- Online 'pig butchering scam' preys on unsuspecting romantic partners, IRS warns - 9News.com KUSA - November 20th, 2023 [November 20th, 2023]
- r/CryptoCurrency Moons (MOON), High Volatility and Rising Saturday: Is it Time to Cash Out? - InvestorsObserver - November 20th, 2023 [November 20th, 2023]
- McDowell Commissioners to consider cryptocurrency mining ban - McDowell News - November 20th, 2023 [November 20th, 2023]
- Paycorp launches app for users to withdraw crypto as cash - Techpoint Africa - November 20th, 2023 [November 20th, 2023]
- Top 11 cryptocurrency trends to look out for in 2023-24 - Investing.com India - November 20th, 2023 [November 20th, 2023]
- Robinhood to launch crypto trading in EU even as cryptocurrency revenue slides almost 26% from last quarter - Fortune - November 7th, 2023 [November 7th, 2023]
- Expect new IRS crypto surveillance to come with a surge in confiscation - Cointelegraph - November 7th, 2023 [November 7th, 2023]
- The role of cryptocurrency in financing terrorism - PBS NewsHour - November 7th, 2023 [November 7th, 2023]
- Cryptocurrency Kinship: Bitcoin's Ties with Major Digital Assets - FingerLakes1.com - November 7th, 2023 [November 7th, 2023]
- Blockchain and Cryptocurrency - Business Insider India - November 7th, 2023 [November 7th, 2023]
- The Role of AES in Cryptocurrency: From Cipher Blocks to Bitcoin - FingerLakes1.com - November 7th, 2023 [November 7th, 2023]
- Coinbase blocked in Kazakhstan amid tighter cryptocurrency ... - Investing.com - November 7th, 2023 [November 7th, 2023]
- Learning cryptocurrency trading with Tedi Ticic - KGET 17 - November 7th, 2023 [November 7th, 2023]
- TRON and Pundi X Collaborate to Boost Cryptocurrency Adoption with XPOS Integration - Yahoo Finance - November 7th, 2023 [November 7th, 2023]
- Fraudulent Ledger Live App in Microsoft Store Linked to $768K ... - Blockchain.News - November 7th, 2023 [November 7th, 2023]
- Cryptocurrency scam worth 2,500 crore uncovered in Indian ... - Investing.com - November 7th, 2023 [November 7th, 2023]
- Why have cryptocurrency values rebounded recently and can they get back to previous peaks? - ABC News - November 7th, 2023 [November 7th, 2023]
- The Alameda gap and crypto liquidity crisis explained - Cointelegraph - November 7th, 2023 [November 7th, 2023]
- SEC Faces Scrutiny Over XRP Lawsuit and Cryptocurrency Regulation, While Bitcoin Remains Resilient - Coinpedia Fintech News - November 7th, 2023 [November 7th, 2023]
- Vietnam loses top ranking in cryptocurrency adoption index - VnExpress International - November 7th, 2023 [November 7th, 2023]
- 3 Growth Stocks With More Potential Than Any Cryptocurrency - The Motley Fool - November 7th, 2023 [November 7th, 2023]
- Bitcoin, Ethereum and XRP lead in surging cryptocurrency market - Investing.com India - November 7th, 2023 [November 7th, 2023]
- Bitcoin has more than doubled this year in resurgence - IndiaTimes - November 7th, 2023 [November 7th, 2023]
- Bitrace Research Exposes Risks of Anonymous Online Markets with Cryptocurrency - CryptoPotato - November 7th, 2023 [November 7th, 2023]
- Does GTRIs cryptocurrency-based suggestions for WTO strike the right cord for global e-commerce space - The Financial Express - November 7th, 2023 [November 7th, 2023]
- 'The Simpsons' Episode Features NFTs, Inspired Collections Soar In Value: Springfield's History With Cryp - Benzinga - November 7th, 2023 [November 7th, 2023]
- Law Enforcement Gears Up: I4C Conducts Cryptocurrency and ... - The420.in - November 7th, 2023 [November 7th, 2023]
- Sam Bankman-Fried guilty of defrauding FTX crypto customers out of billions of dollars - Sky News - November 3rd, 2023 [November 3rd, 2023]
- Sam Bankman-Fried Is Found Guilty of 7 Counts of Fraud and Conspiracy - The New York Times - November 3rd, 2023 [November 3rd, 2023]
- NYC jury finds Sam Bankman-Fried guilty on all charges in cryptocurrency fraud trial - New York Daily News - November 3rd, 2023 [November 3rd, 2023]
- Breakingviews - Breakingviews: SBF's guilty verdict will help crypto break free - Reuters - November 3rd, 2023 [November 3rd, 2023]
- What Is Bitcoin 'Halving' and Does it Push Up the Cryptocurrency's Price? - Bloomberg - November 3rd, 2023 [November 3rd, 2023]
- Founders of SafeMoon cryptocurrency touted by Dave Portnoy accused of fraud - New York Post - November 3rd, 2023 [November 3rd, 2023]
- RocketFuel CEO reveals surprising data on cryptocurrency usage: why stablecoins are the future - Yahoo Finance - November 3rd, 2023 [November 3rd, 2023]
- Cryptocurrency market faces massive $137 million futures ... - Investing.com - November 3rd, 2023 [November 3rd, 2023]
- Blockchain & Cryptocurrency Regulation 2024 - Cleary Gottlieb - November 3rd, 2023 [November 3rd, 2023]
- Going nuclear: how the future of cryptocurrency mining is playing out ... - The National - November 3rd, 2023 [November 3rd, 2023]
- Blockchain and Cryptocurrency Edited Web story for testing - Business Insider India - November 3rd, 2023 [November 3rd, 2023]
- Bukit Aman: Cops arrest 40, bust cryptocurrency scam involving over RM50m losses - Malay Mail - November 3rd, 2023 [November 3rd, 2023]
- Doctor cheated of more than Rs 1.3 cr in cryptocurrency fraud in Navi Mumbai; four booked - The Financial Express - November 3rd, 2023 [November 3rd, 2023]
- QTUM, SUI, Render (RNDR) cryptocurrencies on the rise: here's why - Invezz - November 3rd, 2023 [November 3rd, 2023]
- Cops nab 40 people, busts cryptocurrency scam with over RM50m ... - Malaysiakini - November 3rd, 2023 [November 3rd, 2023]
- Cryptocurrency's popularity in the U.S. tied to conservative moral foundations - PsyPost - October 24th, 2023 [October 24th, 2023]
- Cryptocurrency Rally: Bitcoin and More Soar on New Hopes for ETF - The Motley Fool - October 24th, 2023 [October 24th, 2023]
- Dollar higher as US business activity ticks up in October - Reuters - October 24th, 2023 [October 24th, 2023]
- Bitcoin Is Surging. Here's Why the Cryptocurrency Is Back - Entrepreneur - October 24th, 2023 [October 24th, 2023]
- Cryptocurrency Market Capitalization Sets Years High - Action Forex - October 24th, 2023 [October 24th, 2023]