The first inverse Bitcoin ETF that bets on the collapse of cryptocurrencies goes public

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The first Bitcoin reverse exchange-traded fund (etf) will be listed on the Toronto Stock Exchange on Thursday, which means that Canada once again surpasses the United States in Bitcoin trading.

According to a statement, although regulators south of the border refused to approve any ETF tracking bitcoin, Horizons ETF is issuing a fund (code BITI) that allows investors to establish short positions in bitcoin futures.

Todd Rosenbluth, Head of ETF Research at CFRA Research, said: “Many investors are bullish on Bitcoin. This new ETF will provide opportunities for those who think that the current price is unreasonable and Bitcoin should be corrected. .”

Bitcoin broke the $64,000 mark for the first time on Wednesday
At the same time, applications for standard Bitcoin ETFs in the United States are also increasing, and at least eight companies are currently participating in the bidding, including Fidelity Investments Inc. and Galaxy Digital Holdings Ltd.. The first companies to be approved may face huge demand, which prompts the issuer to continue to advance the proposal, even though the regulator is still reluctant.