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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source: https:\/\/www.theverge.com\/2022\/6\/20\/23176105\/sec-etf-short-bitcoin-proshares-nyse<\/a> There\u2019s good news for people who find bad news about crypto to be good. Starting tomorrow, you\u2019ll be able to buy an exchange-traded fund based on shorting Bitcoin. The financial firm ProShares will debut the first ETF to let you bet against Bitcoin, and it\u2019s set to be listed on the New York Stock Exchange when the bell opens tomorrow, June 21, under the ticker BITI.<\/p>\n The SEC previously approved a futures Bitcoin ETF, also from ProShares, in October. It debuted alongside some of the biggest growth Bitcoin has seen. Now, cryptocurrencies have been severely struggling<\/a>, with Bitcoin<\/a>, Ethereum, and even stablecoins<\/a> all suffering major losses.<\/p>\n What\u2019s funny about the SEC\u2019s approval of an ETF that can be used to short Bitcoin is that it has not yet approved an ETF that actually allows you to trade Bitcoin itself. According to the SEC, you can bet on Bitcoin\u2019s future, bet against it, or… that\u2019s about it. On the podcast Crypto Critics\u2019 Corner<\/a> Bloomberg Intelligence ETF Analyst James Seyffart said \u201cThe SEC has essentially lost the forest for the trees\u201d. While it will occasionally approve Bitcoin-related ETFs such as the one debuting tomorrow, it has thus far been reluctant to approve spot Bitcoin ETFs<\/a>, which would let you invest in Bitcoin more directly. That leaves investors interested in Bitcoin relying on weird apps and knowing the ins and outs of crypto-wallets. <\/p>\n
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