Another tool for making money on the fall of bitcoin appeared on the traditional market
Crypto derivatives developer Amun has introduced a new tool aimed at traders awaiting a decline in the price of bitcoin.
According to the announcement this Thursday, the 21Shares Short Bitcoin ETP (SBTC) exchange product was launched on the Swiss Stock Exchange (SIX), the price of which changes back to the bitcoin rate. If the rate rises, the trader will lose money, if the rate falls, he will earn.
“If you have ever tried to trade options or futures, you can see that it is quite difficult,” said Hani Rashwan, CEO of Amun. “It’s not so easy, so it’s much easier to buy a security that will rise when bitcoin falls.”.
Unlike short positions on the futures exchanges, ETP Amun does not provide for leveraged transactions. All positions are closed at the end of the day and do not move to the next. It is assumed that such a structure will be especially convenient for market participants who want to play on short-term changes in the cryptocurrency rate. The annual management fee for the instrument is 2.5%.
In total, Amun now manages 11 ETPs, 10 of which allow betting on the growth of Bitcoin, Ethereum, XRP and other cryptocurrencies. In the future, the company expects to expand the list of reverse ETPs.
By the end of 2020, Amun intends to bring its products to at least two more exchanges in Europe. In December, the Swedish Financial Conduct Authority granted the company permission..
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