Bitcoin- ( BTC-USD ) and blockchain-focused exchange traded funds looked poised for a lower start to Monday's trading, as their underlying digital token dropped in early trading. As Wall Street prepares for the open, the price of Bitcoin has declined by nearly 3% to the near $16,100 level. Earlier in the day, the crypto had slipped below $16K. The slide in Bitcoin has put pressure on ETFs tied to the cryptocurrency space. Here are a few individual names being impacted: Bitcoin Strategy ETFs: Bitcoin Strategy funds such as the ProShares Bitcoin Strategy ETF ( NYSEARCA: BITO ), Valkyrie Bitcoin Strategy ETF ( NASDAQ: BTF ) and the VanEck Bitcoin Strategy ETF ( XBTF ) have trended lower on Monday as all three funds use Bitcoin futures contracts to price the underlying ETF. Therefore, any moves in the cryptocurrency will be reflected in the price movements of the underlying fund. In the early going BITO, BTF, and XBTF are -2.9% , -2.6% , and -2.5% . Blockchain ETFs: Blockchain funds do not directly invest in Bitcoin or other crypto assets but instead are indirectly involved with the space. They invest in stocks that are connected with crypto platforms, crypto mining and other related companies that are at the forefront of the digital economy. Five funds in particular to keep a close eye on are the Amplify Transformational Data Sharing ETF ( NYSEARCA: BLOK ), Bitwise Crypto Industry Innovators ETF ( BITQ ), Global X Blockchain ETF ( NASDAQ: BKCH ), Viridi Cleaner Energy Crypto-Mining & Semiconductor ( RIGZ ) and the VanEck Digital Transformation ETF ( DAPP ). For November, BTC-USD has plunged by 20.9% . Looking longer-term, the cryptocurrency has slid 65.7% . In related crypto ETF news, Cathie Wood's Ark Invest and 21Shares filing for a spot-ETF has been put on hold until 2023.
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