Twice inverse Bitcoin ETF hits record trading volume as BTC stays above $90K

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT), which aims to deliver twice the inverse daily performance of Bitcoin (BTC), saw a record trading volume of over 8 million shares on Nov. 13, according to CoinDesk. This spike occurred after Bitcoin exceeded $90,000 and maintained that level. During this period, SBIT's daily trading volume has averaged about five million shares, a noticeable increase from less than two million in previous months. The ETF, which rises by 2% for every 1% drop in BTC, serves as a leveraged bearish bet on Bitcoin. The increased volume may indicate either a sell-off by early investors who expected a Bitcoin decline or a defensive strategy by bulls to hedge against potential drops in Bitcoin’s price, especially as it nears the $100,000 mark.