Bitcoin (BTC-USD) and the ProShares Bitcoin Strategy ETF (NYSEARCA:BITO), which uses futures contracts to track its price action, appear to be holding up well with very strong parallels in BITO's first month of trading. Throughout the month of trading BITO held a correlation coefficient level around 95 to Bitcoin, demonstrating that the two instruments are tightly tied together as per the Correlation Coefficient technical indicator. The lowest associating point according to the technical indicator was the 85 mark back on Nov. 4. Market participants looking for Bitcoin exposure can feel comfortable that the BITO ETF will accurately track the crypto asset, see chart below. BITO is not the only fund available. Investors can also access the Valkyrie Bitcoin Strategy ETF (NASDAQ:BTF) and now the VanEck Bitcoin Strategy ETF (BATS:XBTF), which starts trading today.
