Bearish Bets Back Off: Short-Bitcoin ETF Sees Notable Outflows as Traders Reassess Downside
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The ProShares UltraShort Bitcoin ETF, SBIT, recorded outflows of $4,185,136 on February 03, 2026, a meaningful move for a fund with $180,062,338 in assets under management. The latest redemption wave represents roughly 2.32% of its AUM, signaling that a slice of the market is trimming leveraged bearish exposure to Bitcoin.
SBIT is designed to profit from declines in the price of the underlying cryptocurrency, so outflows can indicate waning conviction in near-term downside or profit-taking after an extended negative spell. With more than 2% of capital walking out the door in a single session, sentiment among sophisticated traders may be shifting from aggressively defensive to more neutral, even as volatility remains elevated.
The related asset, BTC-USD, is currently trading at $71,490.51. Despite that lofty level, Bitcoin has dropped about 26.57% over the past three months, underscoring a sharp correction from recent peaks. Shorter-term momentum remains fragile, with the 1-day technical stance flashing a cautious Sell signal, reflecting ongoing pressure on price action even as some bears cash out.
The combination of significant outflows from a leveraged short ETF and a still-negative technical picture suggests a market in transition: traders are reducing extreme downside bets, but have not yet embraced a full-fledged bullish turn. For a more detailed analysis and real-time sentiment trends, check the live cryptocurrency prices here.