This ETF allows traders to bet on a decline in Bitcoin futures. It reached a record low on Tuesday. Its peak was over $45 a little over a year ago, during a period when crypto assets were experiencing a significant drop following the collapse of the FTX exchange. However, it has struggled to maintain its value this year despite the strong recovery of Bitcoin.
Bitcoin, the largest cryptocurrency, hit an 18-month high on Tuesday, following a 10% surge on Monday. This surge is attributed to growing optimism in the cryptocurrency market regarding the imminent launch of a spot Bitcoin ETF, particularly fueled by the listing of BlackRock’s iShares ETF on the website of the clearinghouse DTCC.
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