Bitcoin Meltdown Slams ETF Market: 5 Funds Hit Fresh Lows As Traders Hunt A Bottom
A wave of crypto-linked ETFs plunged to fresh 52-week lows Friday morning, led lower by Bitcoin’s (CRYPTO: BTC) accelerating breakdown.
• BITO is testing critical support. Check out the latest moves here.
The ProShares Bitcoin Strategy ETF (NYSE:BITO), one of the most liquid futures-based Bitcoin funds, led the declines as its NAV tracked Bitcoin lower through all major bull-market support levels. The fund crashed 4.2% on Friday, plunging 54% from its 52-week high, to reach $12.96.
Options-income products were hit even harder. The Neos Bitcoin High Income ETF (BATS:BTCI) and YieldMax Bitcoin Option Income Strategy ETF (NYSE:YBIT), both designed to extract yield from volatility, saw their income cushions overwhelmed by the speed of the sell-off. BTCI dipped 4% on Friday morning, crashing 37% from its 52-week high. YBIT, on the other hand, is down 3.5% on Friday and 58% lower than its 52-week high.
Also Read: Tom Lee Says Bitcoin, Ethereum Crash Wasn’t Macro But A ‘Software Bug’
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