The bitcoin futures exchange-traded fund run by ProShares on Monday was on track for its worst day since it made its debut in mid-October, after a rough weekend for crypto.
The bitcoin futures-backed BTC.1, -7.97% ETF had also lost 6.6% on Friday and is down 20% over the past 30-day period, FactSet data show. ProShares’ decline for its bitcoin fund product is mostly in line with other products pegged to crypto. The Valkyrie Bitcoin Strategy ETF BTF, -7.89%, which also uses bitcoin futures, was down 7.9% on the session and down more than 20% over the same period.
Securities and Exchange Commission Chairman Gary Gensler paved the way for futures backed ETFs last summer when he said that the futures market provides better protections for individual investors, compared against the spot bitcoin market.
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