05 Jul 2022
BITI grows further: 300% increase last weekBITI, the first inverse BTC ETF, grew further last week. After becoming the second-largest bitcoin-related BTC ETF in the U.S. after only four days of trading, the net short exposure has grown further and increased by more than 300% last week.
As reported last week, ProShares’ short bitcoin ETF (BITI) became the second-largest U.S. bitcoin-related ETF in just four days. Since that, the net short exposure of BITI has increased rapidly. BITI now holds a net short exposure equivalent to 3811 BTC. This jump was mainly due to large inflows on June 29th and June 30th, with inflows of 1684 BTC and 700 BTC, respectively. This equals an increase in short exposure of 306% last week. With the inflows last week, BITI is unquestionably the second-largest BTC ETF in the U.S., increasing the gap to Valkyrie and VanEck. Still, BITI is only ~12% of the size of Proshares’ BITO, showing that U.S. ETF investors are still preferring long exposure to bitcoin.