What is $BITX?
$BITX is an exchange-traded fund (ETF) that seeks to provide daily investment results that correspond to twice the performance of the S&P CME Bitcoin Futures Daily Roll Index. This means that $BITX will go up twice as much as the Bitcoin futures market on days when Bitcoin prices rise, and it will go down twice as much as the Bitcoin futures market on days when Bitcoin prices fall.
Fund & Index Description
The S&P CME Bitcoin Futures Daily Roll Index is a measure of the performance of the CME Bitcoin futures market. The index is rebalanced on a daily basis to include the front contract and the next month's contract.
The 2x Bitcoin Strategy ETF (Ticker: BITX) seeks to provide daily investment results that correspond to twice the performance of the S&P CME Bitcoin Futures Daily Roll Index. The fund does not invest directly in Bitcoin. Instead, it invests in Bitcoin futures contracts.
Fund Details
Inception Date: 06/27/2023
Ticker: BITX
Primary Exchange: CBOE
CUSIP: 92864M301
IOPV Symbol: BITX.IV
NAV Symbol: BITX.NV
Expense Ratio: 1.85%
30 Day SEC Yield*: N/A
Did $BTC hit its bottom?
It is impossible to say for sure whether or not $BTC has hit its bottom. Bitcoin is a volatile asset, and its price can go up or down sharply at any time. However, some analysts believe that Bitcoin may have found a bottom at its current price level. I personally believe $BTC bottomed when it hit 15k in November of 2022. I do not believe it will see that price again, just like it did in 2020 when it hit 3,200 pre-halving.
Bitcoin halving is coming up in April 2024, and it may be a good time to start watching it.
Bitcoin halving is a scheduled event that occurs every 210,000 blocks, or approximately every four years. During a halving, the reward for mining a Bitcoin block is reduced by half. This reduces the supply of new Bitcoins entering the market, which can lead to price increases.
The next Bitcoin halving is expected to occur on April 17, 2024. Some analysts believe that this could be a bullish event for Bitcoin, as it will reduce the supply of new Bitcoins.
If you are considering investing in Bitcoin, it is important to do your own research and understand the risks involved. You should also consult with a financial advisor to see if Bitcoin is a good investment for you.
Please note: This is not financial advice. Please do your own research before investing in any financial product. To discuss further - join the ZTRADEZ discord: https://discord.gg/optionstrading
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