The Bitcoin (CRYPTO: BTC) price slipped 0.6% over the past 24 hours. One Bitcoin is currently worth US$62,885 (AU$81,630).
The Bitcoin price broke into new record territory yesterday, briefly touching US$64,829. The current price is down 3.0% from that all-time high.
The world's biggest cryptocurrency continues to attract investor interest. According to data from Coin Desk, US$79.8 billion worth of the digital tokens changed hands over the past 24 hours.
Of course, not everyone is betting that the Bitcoin price will keep rising. Which brings us to the first inverse Bitcoin exchange traded fund (ETF).
World's first inverse Bitcoin ETF
An inverse ETF, if you're not familiar, is one that will gain when the price of the product or shares it tracks fall. Conversely, investors in an inverse ETF will lose money if the price of the product or shares it tracks rise.
With the Bitcoin price now more than 215% above its late December 2017 'bubble' heights, investor interest in a way to short the cryptocurrency is growing.
And once again it's Canada's Toronto Stock Exchange (home to the only standard Bitcoin ETF in North America) leading the charge to offer investors the options they want.
AS Bloomberg reports:
Horizon's BetaPro Inverse Bitcoin ETF [ticker BITI] will provide up to 100% the inverse daily performance of an index that, according to the [company's] statement, "replicates the returns generated over time through exposure to long notional investments in Bitcoin futures".
Horizon's inverse Bitcoin ETF is scheduled to launch today (overnight Aussie time), enabling investors to take short positions on Bitcoin futures.
Commenting on the launch of BITI, Todd Rosenbluth, director of ETF research for CFRA Research said, "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."
Steve Hawkins, CEO of Horizons ETFs added:
Buying… BITI is as easy as buying any stock or other ETF through a broker, and doesn't require investors to open up separate cryptocurrency accounts. Additionally, BITI will offer a way for investors to achieve 'short' exposure to Bitcoin without having to use a margin account or shorting futures.
Do you think the Bitcoin price is in a bubble?
Well, there you have it.
If you think the Bitcoin price is set for a retrace, by tomorrow you'll have a way to invest in an ETF that will gain if the world's biggest cryptocurrency tumbles.
Just remember, if the Bitcoin price moves the other way (and it's up 736% in 12 months), Horizon's inverse Bitcoin ETF will lose money.
