The ProShares Bitcoin Strategy ETF started trading on October 19, 2021 and recorded above $900 million shares sold to investors the same day.

Many speculators opined that investors waited for this opportunity for a long time and couldn’t control their eagerness. It is right to say that this approval has encouraged other issuers to push for more products to support the BITO.

For instance, an issuer, Direxion, just applied to two different products for approval. The company made the filling to create a product that will facilitate investment in contracts shorting Bitcoin price.

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The product will offer managed short-exposure position contracts on the CME (Chicago Mercantile Exchange). According to the company, the Bitcoin ETF will invest in money market funds, BTC futures, Short-term debt instruments, and deposit accounts.

Even though many people are pushing for Bitcoin ETFs, it doesn’t mean that the investors are careless about investment. Direxion has also disclosed that the value of assets in the upcoming fund can be hazardous. In its statement, the worth of your investment might hit zero one day, thereby wasting your hard-earned money.

The warning might be excellent but it can discourage would-be investors from using the fund. In another statement, Eric Balchunas has disclosed that Direxion has a BTC future ETF already functional in Canada, known as BITI.

However, the shocking thing is that the ETF is not doing very well, although Eric stated that sometimes it works, but other times it fails.

Before the 2021 ETF filling, the company tried to gain approval in 2018 but failed. Many companies were filing for SEC approval at that time, but they didn’t succeed, including Direxion. The Commission was not in a haste to approve any, and it raised a lot of controversy in the crypto community.

Another recent ETF filling is coming from Valkyrie, aiming to get approval for a “leveraged BTC futures ETF.” This fund will provide a 1.25X exposure to Bitcoin, and the ticker to watch out for after approval will be BTFX.

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The fund, we gathered, will hold swaps, forwards, futures, and options. But the leverage is not that impressive to many people in the community.

The influx of creative futures products filings will continue for a long time, according to Nate Geraci. There will also be ETH futures filings before any Spot product is approved.

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