The ProShares Bitcoin Strategy ETF (NYSEARCA:BITO) just celebrated its first birthday, with the fund launching on Oct. 18, 2021. It came to market with much fanfare as the first product to offer exposure to Bitcoin (BTC-USD) inside of an ETF wrapper.While BITO does not directly hold the actual digital token, it provided exposure to Bitcoin through the futures market. Here is a breakdown of the ETF's first year of existence:Returns: The returns that BITO have provided have been underwhelming as the exchange traded fund launched near the peak price of Bitcoin. BITO hit the market on October 18, 2021. On that day, Bitcoin opened at $61,369, which ended up being just shy of its all-time record high of $68,999 which was recorded on Nov. 10, 2021.BITO came out of the gates hot as a ETF, jumping 8.3% in less than a month. The fund reached its highest point to date on Nov. 10, when Bitcoin topped out. However, since that peak, it's been a downhill run as BITO is -71.7% from that mark. Since it launched, the fund is -69.3%.Fund Flows: Since its unveiling, the exchange traded fund has accumulated $3.24B of investor capital. While that is sizable in its own right, the number is also a little misleading, as almost 90% of that total came during its first feverish months of existence.Of the $3.24B total, $2.86B was amassed from its launch date to the fund's peak on Nov. 10. After the initial sizzle of the first month, BITO attracted a total...
