In 2025, financials ranked second-to-last among the S&P 500’s 11 sectors with a meager gain of just over 5%, following the anticipated crypto-friendly policies of President Donald Trump. Bitcoin (BTC), which hit its then-all-time-high on January 25, 2025, has since fallen nearly 15%, including a 27% decline since its latest record high on October 4, 2025.
Bitcoin exchange-traded products (ETPs) saw nearly $10 billion in inflows in 2025, following the U.S. Securities and Exchange Commission’s approval of the first 11 spot Bitcoin ETPs on January 10, 2024. The Grayscale Bitcoin Trust ETF (GBTC) holds over $20 billion in assets but has posted a loss of more than 29% since October 6, 2025, with an expense ratio of 1.5%. Conversely, the iShares Bitcoin Trust ETF (IBIT), the largest Bitcoin ETF with $68.33 billion in assets, has a more attractive expense ratio of 0.25% and has attracted significant institutional investment.
The ProShares Bitcoin ETF (BITO), while having superior liquidity with nearly 60 million shares traded daily, has suffered nearly a 50% loss over the past year and charges a 0.95% expense ratio. Current short interest is at 17.42%, indicating potential risks for shareholders moving forward.
