The ProShares Bitcoin ETF, known as ” BITO“, wrote history on October 19, 2021. Some two-plus years later, BITO is once again posting historic numbers, but they don’t appear to be very encouraging.
BITO was the first exchange-traded fund in the U.S. market to track the price of BTC and marked an important step in Bitcoin’s history. BITO’s debut shattered all expectations.
The Bitcoin ETF debuted as one of the most heavily traded funds in market history, and became the second highest traded fund of all time on its first day, with more than $500 million in trading. Within its first week of trading, it raised more than $1 billion on the New York Stock Exchange.
Hooray … A Bitcoin ETF
Over the past two years BITO has consistently attracted inflows and experienced only modest outflows. Still, as the Financial Times reports, it now stands at a whopping $1.2 billion loss of investor…
