TechFlow news — Economist Peter Schiff warned that losses from spot Bitcoin exchange-traded funds (ETFs) will deepen further, emphasizing that they are "now in a bear market." Schiff pointed to the ProShares Bitcoin Strategy ETF, which has dropped over 50% in more than two years, and predicted that investors who purchased newly approved spot Bitcoin ETFs "will experience even worse outcomes."
He added: "The biggest loser is FBTC (Fidelity Wise Origin Bitcoin Fund), down 32%." In a follow-up post, he wrote: "The ProShares Bitcoin Strategy ETF, which tracks Bitcoin futures, launched in October 2021. BITO opened at $40.88. Today's low so far is $19, a decline of over 50% in more than two years. I believe those who bought any of the 11 spot Bitcoin ETFs will face even worse results." At the time of writing, BITO was trading at $19.04, nearly 52% lower since its inception.
