This year's top ETF strategy? Shorting Ether — Bloomberg Intelligence

Betting against Ether has been the best performing exchange traded fund (ETF) strategy so far in 2025, according to Bloomberg analyst Eric Balchunas.

Two ETFs designed to take two-times leveraged short positions in Ether claimed (ETH) first and second place in a Bloomberg Intelligence ranking of the year’s top-performing funds, Balchunas said in a post on the X platform.  

In the year-to-date, ProShares UltraShort Ether ETF (ETHD) and T Rex 2X Inverse Ether Daily Target ETF (ETQ) are up approximately 247% and 219%, respectively, Bloomberg Intelligence data showed. 

The implications for Ether are “brutal,” Balchunas said. Ether itself is down approximately 54% year-to-date on April 11, according to Cointelegraph’s market data.

Both ETFs use financial derivatives to inversely track Ether’s performance with twice as much volatility as the underlying cryptocurrency. Leveraged ETFs do not always perfectly track their underlying assets. 

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