Bitcoin (BTC) An ETF product that tracks a short position for the market has reached its highest level in the last two months with the sharp fall in the market.
The product, named 21Shares Short Bitcoin ETP, jumped 5.4% in two days, following the opposite of the BTC movement, reaching its highest level since the end of February.
In the same time frame, the BTC price also dropped by approximately 11%, hitting its lowest level since the start of the Russia-Ukraine war.
Short Bitcoin ETP Products Rise This Year
The short BTC ETP product, traded on European stock exchanges, was one of the best performing assets this year. The ETP product is up 8% this year, with many of the top 50 products from altcoin provided a better return.
21Shares describes the ETP in question as a product that provides “returns based on Bitcoin’s one-day -1x return performance.”
The ETP product does this by constantly borrowing BTC and selling it at the same time.
The asset manager company also labels this product as high risk. 21Shares states that this product is only for customers who would agree to take that kind of risk.
21Shares other cryptocurrencies also offers a range of ETP products that follow the price. The company recently launched a single product that tracks both BTC and gold price.
Also, bearish positions for BTC have reached their highest level since mid-March, according to the data.
*Not investment advice.