The Bitcoin ETF market is about to get even more diverse as ProShares has made a series of new filings. Henry Jim, ETF analyst at Bloomberg, shares that there are five new Bitcoin ETFs in the pipeline, offering leverage and inverse options based on the daily performance of the Bloomberg Galaxy Bitcoin Index.
BroShares Bitcoin ETFs It will cater to different investment strategies and allow investors to either bet on or against Bitcoin price movements.
More exchange-traded products are on the way
The lineup includes the ProShares UltraShort Bitcoin ETF for those anticipating a sharp decline in Bitcoin’s value, providing twice the inverse exposure (-2x), and the ProShares UltraShort Bitcoin ETF for those anticipating a significant price increase, providing twice the inverse exposure (+2x).
They also offer moderate inverse exposure options through the ProShares ShortPlus Bitcoin ETF (-1.5x) and ProShares Short Bitcoin ETF (-1x), as well as the ProShares Plus Bitcoin ETF (+1.5x) for moderate upside exposure. Details regarding streaks and fees are still pending, and these ETFs are scheduled to launch on April 1.
Jim confirmed that this is not an April Fool’s joke but rather an actual release date.
Diversified Bitcoin ETF Market
Bloomberg’s Eric Balchunas points out that ProShares is not alone in this project. RexShares also filed, indicating that the market may soon see a rise in such offerings.
This news comes on the back of expected outflows from Grayscale Bitcoin Trust (GBTC). Analyst James Seyphart Proposal A net outflow of approximately $594 million from GBTC, indicating a strategic reallocation. It also indicates that this may be a delayed reaction due to the T+1 settlement process.
Seyphart also notes that the total trading volume of BTC ETPs has approached a staggering $10 billion over the course of three days, an indication of rising investor activity. Increasing institutional interest in cryptocurrencies and the market’s desire for more regulated investment vehicles has led to this Bitcoin ETFs In the foreground. Potential new launches are expected to make the market more diversified.