After hitting a record high of $73,135, Bitcoin is plummeting.
Last trading at $60,843, if it breaks support at $58,265, it could slip even more.
“The leading token by market value has been buffeted by a six-day streak of outflows from dedicated US ETFs. Adding to fears of increased selling pressure, the rehabilitation trustee of Mt. Gox — the Japanese crypto exchange that was hacked more than a decade ago — announced that it would start repayments of Bitcoin and Bitcoin Cash in July,” says Bloomberg.
In addition, there are fears the Federal Reserve will not cut interest rates this year.
Fortunately, there is a way to trade the downfall with the ProShares Short Bitcoin (BITI).
If you believe Bitcoin will drop in price again, or if you want to hedge a long bet, there’s also the ProShares Short Bitcoin ETF (BITI). 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%.
Since Bitcoin began to drop in recent weeks, BITI ran from a low of about $7.08 to a recent high of $8.39. Further pullbacks in Bitcoin could send the BITI ETF screaming even higher.