UltraShort Bitcoin ETF Sees Unprecedented Activity Amid BTC’s Stability Above $90K.

Major psychological thresholds, like bitcoin’s (BTC) $100,000 level, often inject fresh energy into related markets, and the ProShares UltraShort Bitcoin ETF (SBIT) is riding this wave.

As BTC breached $90,000 on Nov. 13, the Nasdaq-listed ETF posted a record trading volume of more than 8 million shares, signaling heightened activity around leveraged bearish strategies, according to TradingView. Since then, bitcoin has hovered between $90,000 and $100,000, with SBIT averaging over 5 million daily shares traded—well above its historical levels of under 2 million.

SBIT is structured to deliver twice the inverse of bitcoin’s daily performance. For every 1% BTC declines, the ETF gains 2%, making it a key tool for investors seeking downside exposure to the cryptocurrency.

The volume surge may reflect early-year bears closing out their positions after betting on a BTC downturn that never came. However, it’s more likely a hedge by bitcoin bulls guarding against corrections as the $100,000 milestone looms. Supporting this theory, SBIT recorded $17.7 million in net inflows last Friday, its largest since the fund’s debut in April, per ETF.com.

Meanwhile, optimism in the broader market remains strong. Spot bitcoin ETFs have attracted over $2.5 billion in net inflows since Nov. 13, according to Farside Investors, showcasing unwavering confidence in BTC’s long-term trajectory as it nears the six-figure benchmark.