As bitcoin (BTC) inches closer to the monumental $100,000 level, its influence reverberates across related markets, including the ProShares UltraShort Bitcoin ETF (SBIT), which has seen a remarkable surge in activity.
On Nov. 13, the ETF hit a record trading volume of 8 million shares as bitcoin breached $90,000 for the first time, data from TradingView reveal. Since then, SBIT has maintained elevated daily trading volumes, averaging over 5 million shares—more than double its typical levels earlier this year.
SBIT offers a 2x inverse exposure to BTC’s daily performance, allowing investors to profit disproportionately from bitcoin’s price declines. The recent volume spike may reflect two dynamics: a flush-out of bearish traders who entered the ETF earlier in the year, expecting BTC’s decline, or a wave of strategic hedging from bulls locking in gains ahead of potential price corrections.
Supporting the latter theory, SBIT recorded $17.7 million in net inflows last Friday, its highest single-day inflow since inception, per ETF.com. Simultaneously, spot bitcoin ETFs have accumulated over $2.5 billion in inflows since Nov. 13, suggesting robust institutional interest.
This divergence between bullish and bearish bets underscores the tension in the market as traders anticipate either a breakout above $100,000 or a sharp correction. With bitcoin holding firm between $90,000 and $100,000, all eyes remain on whether the psychological barrier will spark the next big move.
