According to Bloomberg, Direxion has launched two new exchange-traded funds (ETFs), Direxion Daily Crypto Industry Bull 2X Shares and Direxion Daily Crypto Industry Bear 2X Shares. These funds allow investors to bet on or against the crypto asset industry.
The two funds reflect only one-day movements and are suitable for retail investors who trade at high frequencies rather than for long-term holding. Direxion expects the funds to attract cryptocurrency enthusiasts.
While leveraged and inverse ETFs have attracted about $9.4 billion in inflows through 2024, blockchain and crypto-related ETFs have seen outflows for six straight months this year, totaling $534 million.
