Exchange-traded funds (ETFs) that track digital assets and companies in the space have become the top underperformers of the fund world this year, as crypto prices have fallen significantly from their peak late last year.
According to data compiled by Bloomberg, the three worst-performing non-leveraged ETFs listed in the US this year were all crypto-related funds. The top spot on the list of the worst ETFs was held by Viridi Bitcoin Miners ETF (RIGZ), which has fallen 69% this year.
The fund was followed by Global X Blockchain ETF (BKCH) and VanEck Digital Transformation ETF (DAPP), which have both seen year-to-date losses of 68%.
Over the same time period, the spot price of bitcoin (BTC) has fallen about 58%.
Besides the three crypto funds, ETFs from sectors such as ocean shipping also plunged after a strong year in 2021, Bloomberg said.
The heavy losses for crypto-themed ETFs have come as the Federal Reserve (Fed) has tightened monetary policy and increased interest rates in an...
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