Proposed ETF Wants to Short Bitcoin Futures

There’s a brand new software for cryptocurrency exchange-traded funded (ETF), however in contrast to different proposed ETFs that guess on crypto, this one bets towards it.

Particulars: Direxion filed an software with the USA Securities and Alternate Fee on Tuesday for an ETF that has a brief publicity to bitcoin futures contracts. In different phrases, it’s a bearish funding that the long run worth of Bitcoin will drop.

Background: The SEC just lately accepted of the primary Bitcoun futures ETF a couple of weeks in the past. A Bitcoun futures ETF permits traders to get publicity to the cryptocurrency with out having to personal the precise cash.

Numbers: Because the introduction of Direxion’s ETF on Tuesday, the worth of Bitcoin has fallen by about 6%.

Last Ideas: It was solely a matter of time earlier than an ETF that shorted Bitcoin could be launched. If accepted, it’s excellent for these traders who’re bearish of cryptocurrency.

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