ProShares Bitcoin short funds see record inflows

Investing.com — The ProShares UltraShort Bitcoin exchange-traded fund (SBIT), which aims to offer double the inverse daily performance of Bitcoin, experienced its highest daily inflow since its inception in April, with a net intake of $18.8 million.

The ProShares Short Bitcoin ETF (BITI) also attracted significant attention, with approximately $23 million entering the fund over the last two trading sessions, marking one of the highest inflows this year, according to a report in Bloomberg News.

The influx of investments into funds that bet against Bitcoin’s value comes as the cryptocurrency has seen a roughly 7% decline over the past three days.

This downturn follows a surge in Bitcoin’s price, fueled by the election of Donald Trump and his promises to support the digital-assets sector. Last week, Bitcoin approached the $100,000 milestone, spurred by investors’ optimism.

In contrast to the growing interest in short Bitcoin funds, data shows a substantial $438 million withdrawal from a collection of 12 spot ETFs that directly invest in Bitcoin. This represents the third-largest outflow since these funds were introduced in January, as per Bloomberg’s compiled data.

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