Approval of an ETF that provides inverse exposure to #Bitcoin futures could be a positive sign for #crypto. Here’s a 🧵 on why...
I am not providing investment advice on $BITI or any other ETF, I’m not “calling the bottom,” and Grayscale does not currently have plans to offer products that short crypto. Instead, here’s an article for context:
bloomberg.com/news/articles/…
bloomberg.com/news/articles/…
I firmly believe that the approval of each and every #Bitcoin-linked investment product demonstrates the SEC’s increased comfort with $BTC and crypto, more broadly.
The same is true of $BITI, despite offering INVERSE Bitcoin exposure.
The same is true of $BITI, despite offering INVERSE Bitcoin exposure.
When denying spot #Bitcoin #ETFs, regulators have repeatedly stated their concerns about the “maturity” of the “underlying markets” and their potential for “fraud and manipulation.”
How could one interpret $BITI coming to market as anything other than further acknowledgment of #Bitcoin’s maturity?
#Bitcoin's price discovery is supported by not only a healthy two-sided market that underpins multiple long products, but also a derivatives market robust enough to offer short exposure to retail investors.
Wouldn’t the approval of a spot #Bitcoin ETF be a logical next step?
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