Exchange-traded funds that focus on bitcoin are slumping so far this week as the cryptocurrency fell under pressure after the Securities and Exchange Commission separately announced charges against Coinbase Global Inc. and Binance Holdings.
The ProShares Bitcoin Strategy ETF
BITO,
was up more than 1% Tuesday morning, but remained down around 5% for the week, according to FactSet data, at last check. The Valkyrie Bitcoin Strategy ETF
BTF,
has seen a similar loss so far this week.
Bitcoin was trading around $26,000 on Tuesday, FactSet data show, at last check. That’s down from around $30,000 in April.
Other crypto-related ETFs have slid this week, including a weekly drop of around 9% for the Global X Blockchain & Bitcoin Strategy ETF
BITS,
and a fall of around 6% for the Bitwise Crypto Industry Innovators ETF
BITQ,
according to FactSet data, at last check.
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