Bitcoin ETFs plummet to all-time trading lows amid crypto meltdown

Crypto exchange traded funds that track Bitcoin (BTC-USD) through managed future contracts sit at all-time trading lows following the recent sharp downturn in the cryptocurrency market. This includes the ProShares Bitcoin Strategy ETF (NYSEARCA:BITO), the first Bitcoin ETF to hit the market back in Oct. of 2021, which has since declined nearly 70%. Along with BITO, the leading Bitcoin strategy ETFs are Valkyrie Bitcoin Strategy ETF (NASDAQ:BTF) and the VanEck Bitcoin Strategy ETF (BATS:XBTF). BITO, BTF and XBTF have reached new all-time lows amid the Bitcoin selloff. BTC-USD has cratered 69% from its record high and has fallen 55% alone in 2022. With this retreat, the crypto has dragged down BITO, BTF and XBTF, which are each constructed to mirror the price action of Bitcoin. Year-to-date BITO is -55.8%, BTF -55.6%, and XBTF is -55.3%. Meanwhile, the popular Grayscale Bitcoin Trust (OTC:GBTC) finds itself trading lower on the year by 60.1%. While GBTC has not fallen to