An ETF that will allow investors to bet against bitcoin is set to launch this week as the cryptocurrency plunges 70% from its peak

ProShares launched the first US-based Bitcoin-Futures ETF late last season. The ETF will be listed under the ticker symbol “BITI” and will charge an annual expense ratio at 0.95%.

ProShares stated Monday that BITI was designed to address the difficulty of acquiring bitcoin exposure in a short time, which can prove costly for many investors.

BITI is intended to provide the inverse performance to the S&P CME Bitcoin Futures Index. It does this on every investment day and no other period. The BITI ETF will be exposed through bitcoin futures contracts and trades on New York Stock Exchange.

ProShares CEO Michael Sapir stated that BITI provides investors who believe bitcoin’s price will fall with the opportunity to profit from their cryptocurrency holdings or to hedge them.

It’s possible that the ETF will attract an influx of assets, as it is the first ETF of its type to be listed on a US stock exchange. This success could mirror ProShares long-based Bitcoin ETF which attracted more assets than $1 billion in its first two trading days last year. It was the most successful ETF launch ever.

Investors may also be interested in the ETF, as both bitcoin and the wider cryptocurrency market are still in a prolonged bearish market. Bitcoin has fallen more than 70% since November’s peak. The total cryptocurrency market value dropped to less than $1 trillion, from a peak peak of $3 trillion. However, it recovered the $20,000 price point.

Sapir stated that bitcoin’s value can fall as recent events have demonstrated. This is a stark contrast to the sentiment toward bitcoin in 2021 when some strategists were aiming for a straight run up to $100,000.