Direxion, a financial product provider best known for its leveraged ETFs, has filed for an Ether ETF. This recent move follows the announcement Grayscale made yesterday, suggesting more of this could be on its way. The Direxion Bitcoin Strategy Bear ETF seeks to maintain short exposure to Bitcoin futures contracts by following the price of Bitcoin (BTC) in the opposite direction. Additionally, the company has applied for the Direxion Daily Bitcoin Strategy Bull 2X Shares ETF that hopes to double the daily performance of the S&P CME Bitcoin Futures Index.

The cryptocurrency market has been on a tear as of late. Bitcoin has skyrocketed over $30,000, up from $16,600 at the start of the year. This incredible turn of events has caused crypto fans to speculate that low interest rates pushed investors towards digital assets because it is believed to be independent from the traditional banking system. Though Bitcoin has dropped more than 50% from its all-time high of nearly $69,000, it is still trading around $27,500 which is remarkable.

In sum, Direxion's filing provides a further opportunity for those interested in investing in digital currencies to gain exposure. This follows yesterday's Grayscale announcement which sparked speculation of more similar actions by other financial product providers. Bitcoin has experienced an impressive incline in its price recently, however it has cooled slightly since its all-time high. All that being said, cryptocurrency remains a very attractive investment for those who are willing to take on the risk associated with it.



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