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Bitcoin Strategy ETFs continue their southbound momentum early Monday, touching record lows in premarket trading with Bitcoin (BTC-USD) sinking 5% to start the week.
ETFs like the ProShares Bitcoin Strategy ETF (NYSEARCA:BITO), Valkyrie Bitcoin Strategy ETF (NASDAQ:BTF), and the VanEck Bitcoin Strategy ETF (BATS:XBTF) each recorded record lows on Monday as Bitcoin now trades under 34K, lower than 50% from it all time trading high. The cryptocurrency reached a high just below 69K back in Nov. of 2021.
With markets still in a risk-off mode, BITO, the largest of the Bitcoin strategy ETFs, has plunged 8.8%, touching 20.45 a share. Moreover, BTF is down 8.7%, trading at 12.67 a share and XBTF has come down 7.4% to 32.49 a share.
All three funds offer the investment community exposure to Bitcoin through futures contracts as a spot fund that directly holds Bitcoin is not yet deemed legal in the U.S. by regulators.
Year-to-date BITO finds itself -24.7%, BTF is -24.4%, and XBTF is -24%. Furthermore, Bitcoin finds itself down 30.4% in 2022, including pushing lower in five straight sessions to reach $32,800.
In related news, the crypto platform Coinbase Global (COIN) has crumbled along with the cryptocurrency market posing a question for investors, when does the platform become a buy?
