BITO’s worst drop since 2021 was 78%
ProShares Bitcoin Strategy ETF (BITO) fell 78% from Nov 2021 to Nov 2022. It took 3.0 years from that peak to close at a new high, in Nov 2024. Over the same years the S&P 500 fell as much as 25%.
That drop ranks 24th deepest among the 203 ETFs PortfolioAutopsy tracks.
Drawdown from the last high, 2021 to now
How BITO held up in each crash
| Crash | Years | BITO | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | not trading yet | −47.5% |
| Financial crisis | 2007–09 | not trading yet | −55.2% |
| COVID crash | 2020 | not trading yet | −33.7% |
| 2022 rate shock | 2022 | −68.2% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
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What was BITO’s maximum drawdown?
BITO’s deepest fall since 2021 was 77.9%, from its high on November 9, 2021 to its low on November 21, 2022. The figure uses daily prices with dividends reinvested.
How long did BITO take to recover?
3.0 years. BITO first closed above its Nov 2021 high again on November 11, 2024.
Was BITO riskier than the S&P 500?
Over the same years, BITO’s worst drop was 77.9% against 24.5% for the S&P 500 (SPY), and its worst 12 months were −77.7% against −19.7%.
Compare with
Daily adjusted closes from Yahoo Finance, October 21, 2021 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.