ProShares Sees Potential Launch of New Suite of Bitcoin ETF

The Bitcoin ETF market is about to get extra numerous as ProShares has made a sequence of latest filings. Bloomberg’s ETF analyst Henry Jim shares that 5 new Bitcoin ETFs are within the pipeline, providing each leveraged and inverse choices based mostly on the day by day efficiency of the Bloomberg Galaxy Bitcoin Index.

ProShares Bitcoin ETFs will cater to completely different funding methods and permit traders to both wager on or towards Bitcoin’s worth actions.

Extra ETPs on the best way

The lineup consists of the ProShares UltraShort Bitcoin ETF for these anticipating Bitcoin’s worth to drop sharply, providing double the inverse publicity (-2x), and the ProShares Extremely Bitcoin ETF for these anticipating a major worth enhance, offering double the publicity (+2x).

In addition they supply reasonable inverse publicity choices via the ProShares ShortPlus Bitcoin ETF (-1.5x) and the ProShares Quick Bitcoin ETF (-1x), in addition to the ProShares Plus Bitcoin ETF (+1.5x) for reasonable constructive publicity. The small print on tickers and costs are pending, with the launch of those ETFs set for April 1.

Jim confirmed that it’s not an April Idiot’s prank and is an precise launch date.

Various Bitcoin ETF market

Bloomberg’s Eric Balchunas notes that ProShares isn’t alone on this enterprise. RexShares has additionally submitted filings, hinting that the market might quickly see a surge in such choices.

ProShares simply filed for a bunch of leveraged spot bitcoin ETFs. RexShares additionally filed for a bunch a couple of weeks in the past too. There might have as much as a dozen of those available on the market in a couple of months. https://t.co/VDDbBCc9dn

— Eric Balchunas (@EricBalchunas) January 16, 2024

This information comes towards the backdrop of anticipated outflows from Grayscale Bitcoin Belief (GBTC). Analyst James Seyffart suggested a internet outflow of round $594 million from GBTC, hinting at strategic reallocation. He additionally notes that this could be a delayed response as a result of T+1 settlement course of.

Seyffart additional factors out that the overall buying and selling quantity for BTC ETPs has approached a staggering $10 billion over three days, an indicator of excessive investor exercise. Rising institutional curiosity in cryptocurrencies and the market’s want for extra regulated funding instruments have put Bitcoin ETFs on the forefront. And the potential new launches are anticipated to make the market extra numerous.

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Shraddha’s skilled journey spans over 5 years, throughout which she labored as a monetary journalist, protecting enterprise, markets, and cryptocurrencies. As a reporter, she has positioned specific emphasis to be taught concerning the market interplay with rising applied sciences.

The offered content material might embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty to your private monetary loss.