Apologies if I misunderstand, but why would you own and short an equal amount of something? Wouldn't you typically aim for delta neutral through a combination of securities and options on them? Long securities, with put options, for instance, and possibly the addition of call options if you can't perfectly get to delta neutral with the available puts?

Transaction/cashing-out difficulties aside, selling your current 10 bitcoins and shorting 10 bitcoins is the same thing isn't it? In the former case, you have to buy 10 bitcoins back, but you can do it whenever you want. In the latter case, you have to buy 10 bitcoins back too.