Since then, digital assets have become mired in a prolonged plunge referred to as a “crypto winter” by analysts and investors.
Bitcoin, the largest cryptocurrency by market value, has shed about 70% from its level of $66,002 when BITO listed, trading at $20,536 on Wednesday, according to CoinMarketCap data.
Other bitcoin futures funds have undergone the same path. Valkyrie’s Bitcoin Strategy ETF slumped 65% since it debuted in November, while Global X’s listed Blockchain and Bitcoin Strategy ETF has declined 75% in the same timeframe.
An ETF – or exchange-traded fund – offers investors exposure to a specific asset class, sector, or theme.
