It’s been a rough start for the ProShares Bitcoin Strategy ETF (BITO) as cryptocurrency has been in a period of uncertainty and volatility. The performance of BITO has fallen 70% since launch but demand for the fund still continues as loyal investors stick it out. The major falloff is due to the Bitcoin collapse earlier this year bringing the cryptocurrency down to around $20,000. Cumulative inflows of BITO showed more than $1.8 billion but as of Friday there is only $619 million left.
The price drop of BITO can be mainly attributed to poor launch timing.