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Shorts on Bitcoin Investment Trust should perk up in December

Short interest in the Bitcoin Investment Trust dropped sharply in mid-November as the its underlying cryptocurrency stepped back during the 15-day period between its previous reporting period because the short-interest ratio fell to 0.3 from 0.6. Since the Nov. 15 reporting date, the fund and its underlying asset, bitcoin, have appreciated 103.9% and 55%, respectively. Amid astronomical growth in such a brief period, coupled with futures products from both the Chicago Board Options Exchange and Chicago Mercantile Exchange, short-interest figures are expected to be higher when the Nov. 30 data are released.

Also, to be considered is the share price of the investment trust relative to its net asset value. As of the Dec. 1 close, the ratio between the two was 1.8 times vs. 1.3 times on Nov. 14.