The Bitcoin ETF market is about to get extra various as ProfessionalShares has made a sequence of new filings. Bloomberg’s ETF analyst Henry Jim shares that 5 new Bitcoin ETFs are within the pipeline, providing each leveraged and inverse choices based mostly on the every day efficiency of the Bloomberg Galaxy Bitcoin Index.
ProfessionalShares Bitcoin ETFs will cater to totally different funding methods and permit buyers to both guess on or in opposition to Bitcoin’s worth actions.
More ETPs on the best way
The lineup consists of the ProfessionalShares UltraShort Bitcoin ETF for these anticipating Bitcoin’s worth to drop sharply, providing double the inverse publicity (-2x), and the ProfessionalShares Ultra Bitcoin ETF for these anticipating a big worth enhance, offering double the publicity (+2x).
They additionally supply average inverse publicity choices by the ProfessionalShares ShortPlus Bitcoin ETF (-1.5x) and the ProfessionalShares Short Bitcoin ETF (-1x), in addition to the ProfessionalShares Plus Bitcoin ETF (+1.5x) for average constructive publicity. The particulars on tickers and costs are pending, with the launch of these ETFs set for April 1.
Jim confirmed that it’s not an April Fool’s prank and is an precise launch date.
Diverse Bitcoin ETF market
Bloomberg’s Eric Balchunas notes that ProfessionalShares isn’t alone on this enterprise. RexShares has additionally submitted filings, hinting that the market might quickly see a surge in such choices.
ProfessionalShares simply filed for a bunch of leveraged spot bitcoin ETFs. RexShares additionally filed for a bunch just a few weeks in the past too. There might have as much as a dozen of these in the marketplace in just a few months. https://t.co/VDDbBCc9dn
— Eric Balchunas (@EricBalchunas) January 16, 2024
This information comes in opposition to the backdrop of anticipated outflows from Grayscale Bitcoin Trust (GBTC). Analyst James Seyffart suggested a web outflow of round $594 million from GBTC, hinting at strategic reallocation. He additionally notes that this is perhaps a delayed response as a result of T+1 settlement course of.
Seyffart additional factors out that the full buying and selling quantity for BTC ETPs has approached a staggering $10 billion over three days, an indicator of excessive investor exercise. Growing institutional curiosity in cryptocurrencies and the market’s need for extra regulated funding instruments have put Bitcoin ETFs on the forefront. And the potential new launches are anticipated to make the market extra various.
The offered content material might embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.
