Bitcoin News

This Firm Launches New Bitcoin ETF In The US With Colossal 200% Daily Profit Targets – Details

ByCNS@admin

Jul 11, 2024 ##Bitcoin, #Colossal, #Daily, #Details, #ETF, #Firm, #Launches, #profit, #Targets


A new player has emerged in the US market by introducing a new Bitcoin ETF (exchange-traded fund) by T-Rex, an asset manager founded by Benjamin Cohen in 2012. This move puts T-Rex directly competing with ProShares Bitcoin Strategy ETF (BITO) and VolShares BITX ETF.

T-Rex Unveils 2x Leveraged And Inverse Bitcoin ETF

According to the asset manager’s announcement on Wednesday and an analysis by Bloomberg ETF expert Eric Balchunas, the T-Rex Bitcoin ETF is designed to provide investors with 2x leveraged exposure to the daily performance of the spot price of BTC. This means that the fund aims to deliver investment results that are 200% of the daily performance of Bitcoin. 

Notably, the new ETF aims to achieve this significant but riskier performance daily rather than over an extended period, which differs from Bitcoin ETFs managed by firms such as BlackRock, Fidelity, or the Grayscale Bitcoin Trust (GBTC).

To accomplish this, T-Rex has partnered with REX Shares and Tuttle Capital Management to launch two new products: the T-REX 2X Long Bitcoin Daily Target ETF (BTCL) and the T-REX 2X Inverse Bitcoin Daily Target ETF (BTCZ). 

Scott Acheychek, COO of REX Financial, the parent company of REX Shares, expressed the significance of the launch, stating: 

Bitcoin’s meteoric rise in 2024 has captured the attention of investors and traders worldwide. By launching 2X leveraged and inverse Spot Bitcoin ETFs, we’re arming traders with powerful tools to capitalize on Bitcoin’s price swings like never before.

On the other hand, Matt Tuttle, CEO of Tuttle Capital Management, highlighted the importance of venturing into digital assets as a milestone in delivering “cutting-edge” ETFs that cater to modern investor needs. 

Tuttle emphasized that these Bitcoin funds exemplify their commitment to innovation and pushing boundaries in the ETF landscape with their amplified upside and downside exposure.

Volatility Meets Inflows

The Bitcoin price has recently experienced significant volatility due to persistent selling pressure from German authorities, who have been liquidating seized BTC holdings. 

Nevertheless, the market has witnessed notable inflows in the past few days in Bitcoin ETFs offered by the world’s largest asset managers in the US market, holding BTC’s price above key support floors.

Bitcoin faced a weekly low of $54,000 on Monday as selling pressure mounted. Still, the ETF market saw a resurgence with substantial inflows of approximately $654 million over the past three trading days. 

On Tuesday, a combined total of $216 million flowed into these Bitcoin ETFs, indicating a renewed bullish sentiment among investors after experiencing significant outflows over the past week that led BTC to reach a 6-month low of $53,500 on Friday. 

Bitcoin ETF
The daily chart shows BTC’s price volatility experienced over the past week. Source: BTCUSD on TradingView.com

Despite this, BTC recovered the $57,760 level on Wednesday, with $58,000 being the next major resistance for the largest cryptocurrency on the market. 

Featured image from DALL-E, chart from TradingView.com 



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By CNS@admin

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