Bitcoin ETFs slide as the underlying cryptocurrency drops below $22K

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Bitcoin Strategy exchange traded funds have declined 10% since Bitcoin (BTC-USD) hit a multi-week high last week. The slide has come as the crypto asset has now steadily declined below the $22,000 level.

The financial market’s three crypto ETFs ProShares Bitcoin Strategy ETF (NYSEARCA:BITO), Valkyrie Bitcoin Strategy ETF (NASDAQ:BTF), and the VanEck Bitcoin Strategy ETF (BATS:XBTF) have all dropped in Monday’s early going, retreating by 3.5%, 3.6%, and 3.4% respectively.

At the other end of the spectrum, ProShares Short Bitcoin Strategy ETF (NYSEARCA:BITI), which offers a way for investors to potentially profit from a decline in the price of Bitcoin, has made some gains. The fund is +3.8% on the session and is +10.9% from its July 20th low.

Moreover, Bitcoin itself now hovers near the $21,750 marker and is down 3.5% on the session, and trades to the downside by 54.2% on the bigger year-to-date picture.

Both Bitcoin and its related ETFs remain under pressure as investors look ahead to this week’s Federal Reserve interest rate decision on Wednesday.