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There’s something about major psychological price levels, like bitcoin’s (BTC) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.Since then, BTC has held between $90,000 and $100,000, and the ETF’s daily trading volume has averaged just over 5 million shares. That’s significantly greater than the sub-2 million readings over the preceding months.The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.ProShares UltraShort Bitcoin ETF (TradingView) The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.ProShares UltraShort Bitcoin ETF: Net daily inflows YTD (ETF.com) Those bulls, however, may be feeling demoralized as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by Farside Investors.
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UltraShort Bitcoin ETF Offering 2x Inverse Returns Sees Record Volume As BTC Holds Above $90K
