[Bitcoin Now] ETFs Also Collapse Amid War Fears

Starting from the 16th of this month, the decline deepens
Double-digit drop in just 3 trading days

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] As the conflict surrounding Russia and Ukraine continues, Bitcoin prices have fallen into uncertainty, impacting related exchange-traded funds (ETFs) as well.

According to Investing.com on the 23rd, on the 22nd (local time) at the New York Stock Exchange (NYSE), the Bitcoin futures ETF 'ProShares Bitcoin Strategy ETF (BITO)' recorded $23.79 (approximately 28,000 KRW), down 5.26% from the previous day.

BITO, which was listed at $41.94 on October 19 last year, had been on a downward trend, but the decline accelerated starting from the 16th of this month. It fell 14.3% from $27.76 over three trading days. The 16th was identified as a possible date for Russia to invade Ukraine. BITO, listed in October last year, is based on Bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME).

The 'Valkyrie Bitcoin Miners ETF (WGMI)', listed on the US Nasdaq, also showed a significant decline after the 16th. WGMI, a Bitcoin mining company ETF by the US asset management firm Valkyrie, closed at $28.08 on the 16th but recorded $24.06 on the 22nd, a decrease of 14.31%.

The Bitcoin spot ETF 'Fidelity Advantage Bitcoin ETF (FBTC)', traded on the Toronto Stock Exchange in Canada, also closed at 16.56 Canadian dollars (approximately 15,000 KRW), down 4.5% from the previous day, falling 13.25% over the same period.

Meanwhile, according to the domestic cryptocurrency exchange Upbit, at around 11:15 a.m. on the day, Bitcoin was trading at 46.27 million KRW, down 0.43% (201,000 KRW) from the previous day. Bitcoin prices, which were in the 53 million KRW range until the 16th, continued to decline due to the Ukraine situation and fell 7.36% on the 17th compared to the previous day.

This content was produced with the assistance of AI translation services.