Key psychological thresholds, like bitcoin’s (BTC) anticipated $100,000 level, often ignite shifts in market behavior. The ProShares UltraShort Bitcoin ETF (SBIT), offering leveraged bearish exposure to BTC, has become a focal point amid this dynamic.

On Nov. 13, as BTC crossed $90,000 for the first time, SBIT recorded a record-breaking 8 million shares in daily trading volume, TradingView data reveal. The surge underscores growing activity around bearish strategies, even as bitcoin holds steady in the $90,000–$100,000 range. Over the past two weeks, the ETF’s daily volume has averaged over 5 million shares, marking a significant uptick from the sub-2 million levels seen earlier this year.

Designed to deliver twice the inverse daily performance of BTC, SBIT allows traders to profit from price declines, gaining 2% for every 1% drop in bitcoin. The heightened activity could reflect either bearish capitulation or strategic hedging by bulls protecting gains in a volatile market.

Recent net inflows into the ETF, reaching $17.7 million on Friday—the largest since its launch in April—suggest that the latter might be at play. Meanwhile, spot bitcoin ETFs continue to see robust demand, with net inflows exceeding $2.5 billion since Nov. 13, according to Farside Investors.

The contrasting flows between bullish and bearish funds highlight the market’s caution as BTC edges closer to the $100,000 benchmark, setting the stage for potential price fireworks.