The Proshares Ultrashort Bitcoin ETF is experiencing notable activity as Bitcoin's price faces pressure from a stronger-than-expected U.S. private payrolls report. The ADP report, indicating the addition of 183,000 jobs in January, has heightened concerns about the Federal Reserve's interest rate policy, suggesting that higher rates might persist longer than anticipated. This has negatively impacted Bitcoin and other cryptocurrencies, as a robust labor market could delay expected rate cuts, affecting investor sentiment. Additionally, the ongoing U.S.-China trade negotiations and recent retaliatory actions from China have added layers of uncertainty to the market, further influencing Bitcoin's price dynamics.
The Proshares Ultrashort Bitcoin ETF (SBIT) rose 1.99% to $10.27 as of 12:40 PM on Wednesday, February 5.