The market-leading cryptocurrency Bitcoin (CRYPTO: BTC) hit a fresh all-time high of $64,863 on Wednesday ahead of Coinbase Global Inc’s (NASDAQ:COIN) public debut.
What Happened: While popular crypto advocates have a $300,000 price target for Bitcoin by the end of the year, a recent Bank of America Corp (NYSE:BAC) report suggests that the majority of retail investors remain skeptical about cryptocurrency as an asset class.
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Canadian investors with a bearish outlook on Bitcoin can now bet against the price of the asset with Horizon’s BetaPro Inverse Bitcoin ETF. Investors can short Bitcoin futures and will trade on the Toronto Stock Exchange under the symbol “BITI.”
“Many investors have a view on Bitcoin and this new ETF will provide an opportunity for those that believe the current price is not justified and that Bitcoin is overdue for a correction,” Todd Rosenbluth, director of ETF research for CFRA Research, told Bloomberg.
Horizon also launched the BetaPro Bitcoin ETF, traded under “HBIT”, which will provide investors long exposure to Bitcoin.
See also: How to Buy Bitcoin (BTC)
Why It Matters: "There is a lot of interest in bitcoin in the last year, but it is an asset class that has historically been very volatile and complex for investors to get access to, especially when compared to buying ETFs,” said Steve Hawkins, President, and CEO of Horizons ETFs in a press release.
“BITI will offer a way for investors to achieve 'short' exposure to bitcoin without having to use a margin account or shorting futures directly."
Meanwhile, in the U.S., the ETF environment has been heating up as several leaders in the space like Fidelity and VanEck have filed for Bitcoin ETF approvals with the SEC.
The market outlook has also turned optimistic after crypto-friendly Gary Gensler was recently confirmed as the new SEC Chairman.