1/ BTC SHORTS at ATH with Aug 23 SEC decision deadline on the ProShares BTC ETF around the corner. 
2/ Unlike last month when the SEC delayed their decision on multiple Direxion ETFs until Sept, the SEC can not delay the ProShares ETF proposals further and must make a final decision by Thurs.
3/ The ProShares proposal includes a long (1x) and short (1x) ETF, while the Direxion proposal included a short (1x), short (2x), long (1.25x), long (1.5x), and long (2x) ETF.
4/ Short and leveraged ETFs should only be approved after or in conjunction with a long (1x) ETF.
5/ Both the ProShares and Direxion ETF proposals are backed by BTC futures (sourcing derivative liquidity primarily from CBOE & CME), unlike the Van-Eck SolidX ETF proposal (also delayed until Sept) which is backed by BTC (sourcing actual BTC liquidity primarily from OTC desks).
6/ Currently, BTC trading on the OTC spot market surpasses CBOE & CME futures volume.
7/ The market thus looks to be expecting a ProShares BTC ETF rejection & subsequent BTC price fall.
8/ With shorts at ATH and a ProShares ETF decision imminent however, we could soon see a sharp short squeeze & subsequent BTC rise as traders close positions.
9/ With the market expectation of a ProShares rejection, shorts at ATH, and with BTC within < 10% of major support, the short term R/R is ?able.
10/ Medium-term (& more fundamentally), the Van-Eck SolidX ETF decision provides hope for an ETF by next month with a different structure regardless of a ProShares rejection.
11/ Products like Bakkt physical futures (cleared by ICE planned for Nov) & the XBT Provider ETN (now available via Fidelity) will only add further liquidity & infrastructure to the market in the coming months (to the detriment of less efficient options).
12/ BTC slipping significantly under its ~$6k support would land us in an entirely new bear market environment, but a ProShares BTC ETF rejection in the next 2 days being the catalyst for that fall is ?able.
13/ As BTC leads crypto in terms of custody, liquidity, security, & regulation, it should be the 1st crypto ETF to be approved. Due to many of these strengths, it has also lead the mkt in 2018’s downturn. Thus, shorting BTC is also ?able in R/R compared to more vulnerable alts.
