Loading ...Any fund manager caught long a Crypto that implodes, would be sacked immediately……
‘ The first U.S. Bitcoin-futures backed exchange-traded fund (ETF) is turning into a target for crypto bears. Short interest in the $748 million ProShares Bitcoin Strategy ETF (ticker BITO) as a percentage of shares outstanding is nearly 11%, close to the highest since the fund’s October 2021 inception, IHS Markit data show. Meanwhile, the fund’s ratio of open interest in bearish put contracts to call open interest has soared since mid-April to all-time highs. That suggests that crypto bears are flocking to BITO as a way to short sell the token as they wait for the rollout of inverse Bitcoin ETFs, which would bet against it. .
Guggenheim Partners Chief Investment Officer Scott Minerd said he expects Bitcoin to fall to $8,000 and that cryptocurrency has become a market of “a bunch of yahoos.” “Bitcoin and any cryptocurrency at this point has not really established itself as a credible institutional investment,” Minerd said Wednesday during a Bloomberg Television interview from the World Economic Forum in Davos, Switzerland. “Everything is suspect.” Minerd said his firm bought Bitcoin at $20,000 and sold when it reached $40,000. Guggenheim no longer holds Bitcoin. If the firm were to take a position it would be to short the digital token, he said.’