Updated May 11, 2023, 4:05 p.m. Published Apr 6, 2022, 3:27 p.m.
(Namthip Muanthongthae/Getty images)
ProShares has applied to the U.S. Securities and Exchange Commission (SEC) to launch what would be this country’s first inverse bitcoin exchange-traded fund (ETF).
As the name implies, an inverse ETF is designed to perform as the opposite of whatever index or benchmark it is designed to track.
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ProShares introduced, and won SEC approval for, the first bitcoin futures ETF trading in the U.S., the Bitcoin Strategy ETF (BITO). The SEC has yet to approve a bitcoin ETF that holds actual bitcoin.
The inverse product, the ProShares Short Bitcoin Strategy ETF, if approved, would also track bitcoin futures.
Bloomberg Intelligence analyst Eric Balchunas notes the SEC rejected a similar offering by Direxion last year, but believes this ProShares product has a shot given ProShares’ track record in getting BITO approved.
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ProShares just filed for a Short Bitcoin Futures ETF. Even tho SEC rejected similar filing last year, this has shot IMO given ProShares' perfect read on SEC w/ $BITO and the lack of issues w/ futures ETFs so far. Ticker should be $FUD or $NGMI. Nice scoop by @kgreifeld. pic.twitter.com/fOieZ0Tp9Y
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.