What is Biti & how does it work?

BITI’s entry means that the U.S. Securities and Exchange Commission (SEC) has approved a Bitcoin short ETF before ever approving a Bitcoin spot ETF. Current ETFs basically allow investors to bet on the future of BTC via futures or against it through shorts, but don’t let traders simply invest in it.

What is Biti ETF & how does it work?

BITI, the first short bitcoin strategy ETF, offers investors the potential to profit on days when bitcoin drops. As we know, bitcoin can drop in value. BITI gives investors who believe the price of bitcoin will drop an opportunity to potentially profit or to hedge their cryptocurrency holdings.

How much does Biti cost?

The total value of the contracts is approximately $24 million with an expected completion date of September 2016. Full deployment is anticipated for February 2017. "BITI efforts are effective in mitigating vulnerabilities against cyber attacks," said Adam Hurst, BITI program manager.

Is it a good time to short Biti?

The launch of BITI comes as BTC trends down 70% from its all-time high. Bitcoin hit an all-time high back in November, reaching nearly $69,000. A single Bitcoin is worth about $21,400 as of this writing. While BTC is up 3.7% over the past 24 hours as of Tuesday morning, the falling trend may mean now is the right time to short the crypto.