The First Bitcoin ETF Lost a Record $1.2B in its First Year – Financial Times
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By Marco Oehrl
Investing.com – The first Bitcoin ETF, the ProShares Bitcoin Strategy ETF (NYSE:BITO), launched a year ago, continues to break all records.
Interest in an exchange-traded product that allows investment in bitcoin was so high that $500 million flowed into the fund on the first day, Oct. 19, 2021. Within two days, assets under management cracked the magic $1 billion mark, and while cryptocurrencies kept hitting new all-time highs, no one could have imagined what would happen just weeks after the debut.
The U.S. Federal Reserve changed its monetary policy stance, leading to an outflow of liquidity from risky assets that continues to weigh on markets. BITO has lost about 70 percent of its value in a year, resulting in $1.2 billion in assets being burned, the Financial Times reported, a record loss in dollar terms and the 6th worst ETF debut of its kind all time.
In June, ProShares followed up with another BTC product. In line with market conditions, it launched the world’s first ProShares Short Bitcoin Strategy ETF (NYSE:BITI). However, this did not resonate with investors nearly as much as BITO. Its market cap is a mere $360,000, while even now the crisis-ridden BITO remains at $321 million. And in a sign of similarly poor timing, BITI is down 11.5% since its launch day close, and Bitcoin is more or less flat.
