Psychological price levels often stir market dynamics, and bitcoin’s (BTC) march toward $100,000 is proving no exception. The ProShares UltraShort Bitcoin ETF (SBIT), designed for those betting against BTC, has seen a surge in activity as the leading cryptocurrency flirts with the six-figure milestone.

On Nov. 13, as bitcoin soared past $90,000 for the first time, SBIT recorded a staggering 8 million shares in trading volume—a record high, according to TradingView. Since then, BTC has consolidated between $90,000 and $100,000, with the ETF maintaining an elevated daily trading average of over 5 million shares, up from its usual range below 2 million.

The ETF offers double the inverse daily performance of bitcoin, meaning a 1% drop in BTC translates to a 2% gain for SBIT holders. The recent spike in volume suggests investors are bracing for potential volatility. This could represent capitulation by early-year bears or hedging by bullish BTC holders seeking protection against near-term pullbacks.

Inflows into the ETF bolster the hedging narrative. On Friday, SBIT saw $17.7 million in net inflows, the highest single-day figure since its April launch, per ETF.com data. Meanwhile, optimism surrounding bitcoin remains steadfast, with spot bitcoin ETFs amassing over $2.5 billion in net inflows since Nov. 13, Farside Investors reports.

As the $100,000 milestone approaches, the interplay between bullish and bearish positions underscores the market’s heightened anticipation of a potentially historic breakout.