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ProShares, a leading ETF provider, has unveiled two major offerings in the crypto ETF arena. It launched the ProShares Ultra Bitcoin ETF (BITU) and the ProShares UltraShort Bitcoin ETF (SBIT). These funds mark a significant milestone in the world of crypto investment and will provide investors with unprecedented access to leveraged and exposure to <a href="https://coingape.com/peter-schiff-warns-bigger-bitcoin-fall-in-a-dire-warning/" target="_blank" rel="noopener">Bitcoin</a>. 
<h2 id="about-proshares-new-bitcoin-etf-offerings">About ProShares New Bitcoin ETF Offerings</h2> 
Listed on the New York Stock Exchange, BITU and SBIT are tailored for investors seeking leveraged or short BTC exposure, offering the accessibility, convenience, and efficiency of traditional ETFs. ProShares, renowned for its expertise in geared ETFs, further solidifies its position as a leader in the crypto ETF space with these new offerings. 
“BITU and SBIT are designed to address the challenge of acquiring leveraged or short exposure to Bitcoin, which can be onerous and expensive,” stated ProShares CEO Michael L. Sapir in the latest <a rel="nofollow" href="https://www.businesswire.com/news/home/20240402295254/en/ProShares-Launches-First-ETF-to-Target-2x-Daily-Bitcoin-Returns" target="_blank">press release</a>. 
In addition, he noted, “BITU offers investors the opportunity to pursue magnified Bitcoin returns or target a level of exposure with less money at risk. SBIT allows investors to seek to profit when the price of Bitcoin drops or hedge their Bitcoin exposure.” 
This launch follows ProShares’ previous successes in the crypto-linked ETF arena. It includes the groundbreaking launch of the first U.S. BTC-linked ETF (BITO) in October 2021. Moreover, ProShares has expanded its offerings since then. 
They now include the first U.S. short Bitcoin-linked ETF (BITI). They also offer ETFs tracking the performance of ether (EETH) and short Ethereum (SETH). Additionally, ProShares has ETFs targeting the combined performance of Bitcoin and Ethereum (BETE, BETH). 
Also Read:&nbsp;<a href="https://coingape.com/bitcoin-etfs-dominate-us-market-in-q1-2024/" target="_blank" rel="noopener">Bitcoin ETFs Dominate US Market in Q1 2024</a> 
<h2 id="spot-btc-etf-experiences-outflows">Spot BTC ETF Experiences Outflows</h2> 
Amid the launch of new ProShares offerings, a significant shift occurred in the flows within the 11 <a href="https://coingape.com/bitcoin-etf-recovery-boosts-digital-asset-inflow-862m/" target="_blank" rel="noopener">Spot Bitcoin ETFs</a>, as they collectively turned negative once again. This reversal was primarily driven by substantial outflows from the Grayscale Bitcoin ETF (GBTC). The GBTC outflows surged past the $300 million mark on that day alone. 
Specifically, Monday saw Bitcoin Spot ETFs experience a net outflow of $85.84 million. Notably, GBTC recorded a notable single-day net outflow of $302 million, indicating a considerable movement of funds away from this particular ETF. 
In contrast to GBTC’s outflows, the <a href="https://coingape.com/blackrock-ceo-larry-fink-to-share-insights-on-bitcoin-and-ethereum-etf/" target="_blank" rel="noopener">BlackRock ETF (IBIT)</a> witnessed a net inflow of $165 million on the same day, while Fidelity ETF (FBTC) saw a net inflow of $43.99 million. These inflows into alternative Bitcoin ETFs demonstrate a diverse investor interest in the crypto market. Despite the fluctuations within individual ETFs, the cumulative net inflow for Spot BTC ETFs has reached an impressive $12.04 billion. 
Also Read:&nbsp;<a href="https://coingape.com/bitcoin-etf-flows-turn-negative-as-q2-begins-halving-excitement-ends/" target="_blank" rel="noopener">Bitcoin ETF Flows Turn Negative As Q2 Begins, Halving Excitement Ends?</a> 
The post <a href="https://coingape.com/proshares-introduces-first-bitcoin-etf-to-target-2x-daily-btc-return/">ProShares Introduces First Bitcoin ETF To Target 2x Daily BTC Return</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

ProShares Introduces First Bitcoin ETF To Target 2x Daily BTC Return

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