"Bitcoin Surges Past $90,000, Inverse ETF Trading Volume Soars"

YM Lee

Summary

It was reported that after Bitcoin surpassed $90,000, the trading volume of Inverse ETF products surged.
In particular, the trading volume of ProShares Ultra Short Bitcoin ETF was recorded at an all-time high despite the rise in Bitcoin prices.
The exchange reported that as Bitcoin's price approaches the critical resistance level of $100,000, the Inverse ETF could play a role in hedging against a price drop.

After Bitcoin (BTC) surpassed the $90,000 mark, the trading volume of the Inverse ETF products that short Bitcoin has surged significantly.

According to CoinDesk on the 28th (local time), the trading volume of ProShares Ultra Short Bitcoin ETF (SBIT) listed on Nasdaq recorded over 8 million shares on November 13, when Bitcoin surpassed $90,000, marking the highest level ever.

During the period when Bitcoin maintained a range of $90,000 to $100,000, the daily trading volume of the Inverse ETF averaged 5 million shares, significantly higher than the figures from the past few months.

The exchange explained, "As Bitcoin approaches the critical resistance level of $100,000, there is an attempt to protect against a price drop through long positions in Bitcoin."

BTC