ETF that invests in bitcoin decline debuts on New York Stock Exchange

An exchange-traded fund (ETF) that “bets” on the decline in bitcoin price will be listed on the New York Stock Exchange.

On the 20th (local time), US financial company ProShares announced that it would list the ‘Short Bitcoin Strategy ETF’ on the New York Stock Exchange (NYSE) this week. The ticker is BITI. It is an ETF designed to make a profit when the price of Bitcoin falls. This is the first time an ETF that invests in Bitcoin’s decline has entered the New York Stock Exchange. Earlier, an ETF with a similar structure was listed on the Canadian stock exchange.

The bitcoin price, which hit an all-time high in November of last year, recently broke the $20,000 level, shocking cryptocurrency investors. This is because the prices of risky assets, including cryptocurrencies and stocks, are being adjusted all at once due to the US central bank (Fed) raising the base rate. The global cryptocurrency market capitalization soared to $3 trillion in November last year, but has recently shrunk to $800 billion.