Inverse Bitcoin

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class="topic-link" href="https://insights.ultumus.com/topic/cryptocurrencies">cryptocurrencies</a> <span class="separator">,</span> <a class="topic-link" href="https://insights.ultumus.com/topic/proshares">ProShares</a> <span class="separator">,</span> <a class="topic-link" href="https://insights.ultumus.com/topic/inverse">inverse</a> </p>  <div class="custom-post-title"><h1><span id="hs_cos_wrapper_name" class="hs_cos_wrapper hs_cos_wrapper_meta_field hs_cos_wrapper_type_text" style="" data-hs-cos-general-type="meta_field" data-hs-cos-type="text">Inverse Bitcoin</span></h1></div> <div class="blog-listing-wrapper style-one cell-wrapper"> <a class="blog-listing-author" href="https://insights.ultumus.com/author/bernie-thurston">By <span>Bernie Thurston</span></a> <div class="date"> April 13, 2022 </div> </div> </div> </div> </div> <div class="blog-detail-wraper"> <div class="share fixedsocailmedia-block"> <ul> <li> <a href="https://twitter.com/intent/tweet?url={url}&text={title}" class="social-twi" title="Twitter" target="_blank"> <i class="fa fa-twitter"></i> </a> </li> <li> <a href="https://www.linkedin.com/shareArticle?mini=true&url={url}&title={title}" class="social-lin" title="Linkedin" target="_blank"> <i class="fa fa-linkedin-square"></i> </a> </li> </ul> </div> <div class="container"> <div class="row-fluid"> <div class="span10 blog-post-section"> <div class="widget-type-blog_content"> <div class="blog-listing-wrapper cell-wrapper"> <div class="blog-section"> <div class="blog-post-wrapper cell-wrapper"> <div class="section post-body"> <span id="hs_cos_wrapper_post_body" class="hs_cos_wrapper hs_cos_wrapper_meta_field hs_cos_wrapper_type_rich_text" style="" data-hs-cos-general-type="meta_field" data-hs-cos-type="rich_text"><p><strong>ProShares files for an inverse bitcoin ETF</strong></p> <p>ProShares has lodged a prospectus with the SEC for an inverse bitcoin futures ETF. The Short Bitcoin Strategy ETF, if allowed, would give investors a way to bet against the bitcoin price.</p> <p> </p> <p>As with futures-based long bitcoin ETFs the fund would use CME bitcoin futures contracts to follow the inverse of bitcoin. ProShares would be hoping to follow up on the extreme success of the ProShares Bitcoin Strategy ETF (BITO). BITO, which launched in October, has maintained AUM of $1 billion-plus for the past six months, even as the bitcoin price has declined. Late entrants like VanEck and Valkyrie have been unable to claw any market share from BITO, showing the significance of first mover advantage. </p>  <p>There was no ticker or management fee included in the prospectus.</p> <p> </p> <p>It is unclear if the SEC will give an inverse bitcoin ETF a greenlight.</p> <p> </p> <p><strong>Bernie’s commentary – leveraged bitcoin; ProShares thematics pivot; 21Shares inverse bitcoin experience</strong></p> <p> </p> <p>There’s a lot to say about this filing. So I’ll proceed with bullet points.</p> <p> </p> <ul> <li>In Monday’s note we observed that ProShares was listing thematic ETFs at breakneck speed – nine in six months – and in such a way that almost seemed panicked. We now know why: the SEC has launched a consultation on leveraged and inverse ETFs. Gary Gensler really doesn’t like them and wants to change them. (Here’s <a href="https://www.sec.gov/news/public-statement/gensler-statement-complex-exchange-traded-products-100421#_ftn1">Gensler’s letter</a>).</li> <li> </li> <li>There won’t be any leveraged bitcoin ETFs under Gensler. ProShares top competitor Direxion tried to launch a leveraged bitcoin ETF, but was forced to back down by the SEC. So my gut feel is that this filing will not get approved either.</li> <li> </li> <li>A leveraged crypto ETF would be a good thing for the market and potentially a really good wealth accumulation tool. Have you ever seen the long-term performance of TQQQ? It’s up 10,000% since inception. Leveraged ETFs perform very well over the long term if they’re benchmarked against a solidly performing index. Sure they’re not perfect: there’s path-dependency, and the compounding of daily resets. But is gearing up to buy shares or crypto really that different to gearing up to buy property?</li> <li> </li> <li>Even if an inverse bitcoin ETF is approved, I don’t think it’s likely to collect assets. 21Shares has one of these in Switzerland and after three years it sits on just $10M. Investors think crypto is only going one way.</li> </ul> As previously mentioned i have run out of images for crypto products so these days i am just using lego pictures for my own amusement.<br><br> <p> </p> <p><span></span><span class="hs-cta-wrapper" id="hs-cta-wrapper-420a8ff4-acd5-4bb4-8a7b-54de728cb14a"><span class="hs-cta-node hs-cta-420a8ff4-acd5-4bb4-8a7b-54de728cb14a" id="hs-cta-420a8ff4-acd5-4bb4-8a7b-54de728cb14a"><a href="https://cta-redirect.hubspot.com/cta/redirect/8446674/420a8ff4-acd5-4bb4-8a7b-54de728cb14a" target="_blank" rel="noopener"><img class="hs-cta-img" id="hs-cta-img-420a8ff4-acd5-4bb4-8a7b-54de728cb14a" style="border-width:0px;margin: 0 auto; display: block; margin-top: 20px; margin-bottom: 20px" src="https://no-cache.hubspot.com/cta/default/8446674/420a8ff4-acd5-4bb4-8a7b-54de728cb14a.png" alt="Subscribe to Insights for updates" align="middle"></a></span><script charset="utf-8" src="/hs/cta/cta/current.js"></script><script type="text/javascript"> hbspt.cta._relativeUrls=true;hbspt.cta.load(8446674, '420a8ff4-acd5-4bb4-8a7b-54de728cb14a', {"useNewLoader":"true","region":"na1"}); </script></span></p></span> </div> </div> </div> <div class="blog-section"> <div class="blog-listing-wrapper cell-wrapper"> <div class="post-listing"> </div> <div class="blog-pagination"> <a class="all-posts-link" href="https://insights.ultumus.com">All posts</a> </div> </div> </div> </div> </div> <div class="author-detail-wrap"> <div class="author-detail"> <div class="author-header"> <h6>About Author</h6> </div> <div class="image"> <div class="hs-author-avatar" style="background-image: url(https://insights.ultumus.com/hubfs/BT.png);"></div> </div> <div class="author-description"> <a class="author-link" href="https://insights.ultumus.com/author/bernie-thurston">Bernie Thurston</a> <p>Bernie loves data. Fortunately for him, London’s finance industry has been indulgent, providing him lots of benchmark data to play with and enjoy. Bernie’s journey began at Sky, where he designed the first interactive television and helped build a technical-based charity (ctt.org). He then hopped over to finance, and soon found himself at a start-up working on dividends and derivatives. Then, by nature of the fact that finance and technology have rapidly conjoined, he found himself working with Credit Suisse to build an index aggregation and distribution platform. Markit then acquired the start-up and Bernie battled his way up the greasy pole becoming the Managing Director of Markit’s equities division, with responsibility for index, ETF and Dividends. But the siren song of startups called once more. And Bernie was headhunted to rescue a failing index business. Over five years, he helped reverse the fortunes of DeltaOne Solutions, turning into a fighting force. So successful was the turn around that Markit came along and acquired this company as well. But Bernie still loved start-ups. To that end, he founded Ultumus, an ETF and benchmark data company. Ultumus aims to provide the best data in the most timely and consumable manner possible. With clients on both buy and sell side, when something happens in the index or ETF industry, Ultumus is the first to know.</p> <div class="blog-post-social-wrap"> <a href="https://www.ultumus.com/" target="_blank" class="hs-author-social-link hs-social-website"> <i class="fa fa-globe" aria-hidden="true"></i> </a> <a href="https://www.linkedin.com/in/bernie-thurston-a9539a5/" target="_blank" class="hs-author-social-link hs-social-linkedin"> <i class="fa fa-linkedin" aria-hidden="true"></i> </a> </div> </div> </div> </div> <div class="related-posts-wrap"> <div class="related-posts"> <h5>You might also like</h5> <div class="related-post-item"> <div class="related-image"><img src="https://insights.ultumus.com/hubfs/Screenshot%202024-03-22%20at%2008.57.34.png" alt="Magic 8 News"></div> <div class="related-title"><a href="https://insights.ultumus.com/magic8">Magic 8 News</a></div> <div class="post-date"> April 13, 2022 </div> </div> <div class="related-post-item"> <div 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