There’s now speculation a Bitcoin ETF could be rejected by the US SEC.
In fact, as noted by CoinDesk.com, “Crypto investment services provider Matrixport expects the U.S. Securities and Exchange Commission (SEC) to reject all applications to list a spot bitcoin exchange-traded fund (ETF) this month.”
“SEC Chair Gensler is not embracing crypto in the U.S., and it might even be a very long shot to expect that he would vote to approve bitcoin spot ETFs,” they added.
If the ETF is rejected, Bitcoin could plummet, which would be a strong catalyst for the Pro Shares Short Bitcoin ETF (BITI), which moves higher when BTC moves lower. This one follows the S&P CME Bitcoin Futures Index, with profitability computed daily (before fees and expenses) as the inverse (-1x) of the index’s daily performance. BITI has an expense ratio of 0.97%.