BITQ: Late To The Crypto Party

BITQ tracks a passive 30-stock crypto index created by Bitwise.BITQ's management fees are among the highest in the crypto ETF space.I am bearish on the Fund over the next 4-6 months and, on a bullish turn, believe there are better crypto ETF options for investors.BITQ's has gained more than 55% in the past month and is now very over-bought.IntroductionWith its inception date of May 11, 2021, the Bitwise Crypto Industry Innovators ETF (BITQ) (hereafter, the "Fund" or "BITQ") enjoyed a few months of (late inning) crypto bull market gains before its returns fell off a cliff beginning in November 2021 (down more than 60% over the last year).Notwithstanding the large drawdown, I am BEARISH on BITQ and crypto in general. My macro view, summarized in a prior article concerning a competitor ETF, is and remains as follows:Based on proprietary indicators I follow (i.e., paid research subscription), I am currently expecting crypto bearishness to extend through the 3rd and 4th quarters of 2022. The space experienced an epic bubble and it will take time (and likely more pain) before the space is investable again (bear market rallies notwithstanding), particularly with the Fed raising rates and engaging in quantitative tightening, not to mention the recession that will come with the bubble hangover.When my crypto bearishness changes to bullishness, BITQ is not the investment vehicle I would choose to gain exposure to the crypto industry bec...