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US Short-Sellers Turns to US Bitcoin ETF as Crypto Market Plunge Persists

Bitcoin coin with ETF text on stone background, Concept Entering the Digital Money Fund. ETF and Bitcoin concept

The first US Bitcoin-futures-backed exchange-traded fund (ETF) is becoming a target for cryptocurrency bears, according to a report by Bloomberg on Friday.

Short interest in the $748M ProShares Bitcoin Strategy ETF (BITO) as a proportion of shares outstanding is almost 11%, the highest level since the fund started in October 2021.

Meanwhile, the fund’s ratio of open interest is in a bearish position placing contracts to call open interest has risen since mid-April to record-highs.

That signals that the cryptocurrency bears are running to BITO as a move to short sell the token as they expect the launch of inverse Bitcoin ETFs that would bet against it.

ProShares and AXS have applied for funds that would provide short exposure to Bitcoin futures contracts in the last few months. BTCUSD down -1.38%, BITO down -18.7%

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