The Proshares Ultrashort Bitcoin ETF is reacting to significant market developments impacting Bitcoin. The cryptocurrency is facing bearish sentiment due to substantial outflows from U.S. Bitcoin ETFs, which saw a net withdrawal of $583 million. This marks the second-highest outflow since these ETFs were introduced, reflecting investor concerns over macroeconomic uncertainties and the potential impact of President-elect Donald Trump's policies on inflation. Additionally, the U.S. government's approval to liquidate a substantial amount of Bitcoin seized from the Silk Road marketplace is adding pressure, as the potential sale of these assets, valued at $6.5 billion, could increase market supply and further weigh on prices.
The Proshares Ultrashort Bitcoin ETF (SBIT) is currently priced at $11.14 as of 07:40 AM on Thursday, January 9.