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Crypto exchange traded funds that track Bitcoin (BTC-USD) through managed future contracts sit at all-time trading lows following the recent sharp downturn in the cryptocurrency market. This includes the ProShares Bitcoin Strategy ETF (NYSEARCA:BITO), the first Bitcoin ETF to hit the market back in Oct. of 2021, which has since declined nearly 70%.
Along with BITO, the leading Bitcoin strategy ETFs are Valkyrie Bitcoin Strategy ETF (NASDAQ:BTF) and the VanEck Bitcoin Strategy ETF (BATS:XBTF). BITO, BTF and XBTF have reached new all-time lows amid the Bitcoin selloff.
BTC-USD has cratered 69% from its record high and has fallen 55% alone in 2022. With this retreat, the crypto has dragged down BITO, BTF and XBTF, which are each constructed to mirror the price action of Bitcoin. Year-to-date BITO is -55.8%, BTF -55.6%, and XBTF is -55.3%.
Meanwhile, the popular Grayscale Bitcoin Trust (OTC:GBTC) finds itself trading lower on the year by 60.1%. While GBTC has not fallen to a record low, the fund has hit a 20-month low.
Bitcoin has been under intense pressure lately and treads right above the 20K level.
Moreover, further pressure has been added to the crypto world as cryptocurrency hedge fund Three Arrows Capital has incurred at least $400M in liquidations in a move that could lead to potential insolvency.
