One of the Best Ways to Trade the Bitcoin Pullback – 5/1

Bitcoin is in trouble.

After rocketing to $73,802, it’s now back down to $60,487.47 and could slip even more. 

According to Peter Brandt, the founder of Factor Trading, as noted by Business Insider, he expects Bitcoin to drop back into the mid-$30,000 range, or about 50% lower. In addition, there’s been a significant amount of fund outflows.

In fact, according to, “Data from digital assets manager CoinShares showed on Monday that crypto investment products saw a third straight week of capital outflows- $345 million, their biggest since March. Bitcoin net outflows in particular surged to $423 million, amid waning hype over the spot U.S. ETFs launched earlier this year.”

With that, mining stocks like Marathon Digital (MARA) are dropping.  MicroStrategy (MSTR), which owns 214,000 Bitcoin, dropped from a recent high of about $2,000 to a recent low of $1,071.13 since the end of March.

ETF: ProShares Short Bitcoin (SYM: BITI)

Until Bitcoin bottoms out, one of the best ways to trade its downside is with an ETF, such as the ProShares Short Bitcoin (BITI). This one follows the S&P CME Bitcoin Futures Index, with profitability computed daily (before fees and expenses) as the inverse (-1x) of the index’s daily performance. BITI has an expense ratio of 0.97%.

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ETF: ProShares Bitcoin Strategy ETF (SYM: BITO)

When Bitcoin does bottom out, and hopefully reverses higher, we can also jump into a long Bitcoin ETF, such as the ProShares Bitcoin Strategy ETF (BITO). 

With an expense ratio of 0.95%, the BITO ETF tracks the performance of spot Bitcoin, and is the world’s largest and most actively traded cryptocurrency ETF, according to ProShares. 

BITO is mimicking the price of Bitcoin as closely as possible without investing in the cryptocurrency itself. As noted by Money, “Like all crypto ETFs, part of the allure of BITO is that investors don’t need to deal with cryptocurrency wallets and private keys but can instead invest through a broker they already use.”

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