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2 Bitcoin ETFs to Avoid—and 1 to Watch in 2026
Written by Jordan Chussler. Posted: 1/31/2026.
Article Highlights
- Last year, Bitcoin spot exchange-traded products saw $9.9 billion in inflows despite Bitcoin’s lackluster performance.
- Given those losses, the ProShares Bitcoin ETF and Grayscale Bitcoin Trust are not justifying their elevated expense ratios.
- Meanwhile, the iShares Bitcoin Trust ETF—which has produced similar losses over the past year—offers a superior option with an expense ratio of just 0.25%.
One year ago, President Donald Trump was being hailed as the United States' first "crypto president." His deregulatory platform was expected to boost stocks in the financials sector as well as the broader crypto industry.
But things did not go as planned. In 2025, financials ranked second-to-last among the S&P 500's 11 sectors, with a gain of just over 5%. Crypto investors fared even worse.
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Add your name and claim your free Gold IRA Guide today.After hitting a then-all-time high on Jan. 25 (five days after Trump began his second term), Bitcoin (BTC) has fallen nearly 15%; from its record high on Oct. 4, 2025, the decline exceeds 27%.
That weakness wasn't limited to decentralized finance (DeFi). With the advent of crypto spot exchange-traded funds (ETFs), equity products tied to crypto have also suffered, despite massive inflows into funds providing exposure to Bitcoin and Ethereum (ETH).
As the familiar disclaimer goes, past performance is not indicative of future results. Investors in spot Bitcoin ETFs who are waiting for the next leg up should reconsider two funds whose expense ratios appear hard to justify, while keeping an eye on one with a notably attractive fee.
Despite Breaking Ground, Grayscale Is Eroding Shareholder Returns
According to blockchain data analytics firm TRM, Bitcoin exchange-traded products (ETPs) saw nearly $10 billion in inflows in 2025. That surge was enabled by the U.S. Securities and Exchange Commission's approval of the first 11 spot Bitcoin ETPs on Jan. 10, 2024.
That landmark decision paved the way for funds—like the Grayscale Bitcoin Trust ETF (NYSEARCA: GBTC)—to offer indirect exposure to crypto markets by tracking the daily spot price of Bitcoin.
Investors who prefer to avoid the DeFi landscape or just want easier access have flocked to these ETFs. The GBTC, for example, has attracted more than $20 billion in assets under management (AUM) and posts a highly liquid average daily trading volume of just over 4 million shares.
Following Bitcoin's slide, the fund has struggled recently, falling more than 29% since reaching its all-time high on Oct. 6, 2025.
The ETF carries an expense ratio of 1.5%, well above the average for passively managed ETFs. Notably, the fund—which is not actively managed—charges more than the average actively managed ETF. For context, Vanguard charges an average of about 0.05% for its ETFs.
ProShares Offers Superior Liquidity, But Elevated Fees
Although it has a smaller AUM of about $2.45 billion, the ProShares Bitcoin ETF (NYSEARCA: BITO) posts a higher average daily trading volume—nearly 60 million shares—than GBTC.
The fund, which is actively managed, follows a long-Bitcoin, short-U.S.-dollar futures strategy.
That active approach, however, has not translated into attractive returns: BITO has fallen nearly 50% over the past year.
Like GBTC, BITO carries a higher-than-usual expense ratio. Those charges cover administrative, compliance, management and marketing costs, but the industry average for actively managed ETFs is substantially lower.
According to Morningstar Direct, the average expense ratio for actively managed ETFs is about 0.44%. ProShares charges 0.95% for its Bitcoin ETF.
Current short interest of 17.42% suggests shareholders could face additional downside risk in the near term.
iShares Is the Largest Bitcoin ETF With Lower-Than-Average Fees
The most compelling option may be the fund offered by BlackRock (NYSE: BLK). As a spot Bitcoin ETF, the iShares Bitcoin Trust ETF (NASDAQ: IBIT) has performed similarly to GBTC and better than the actively managed BITO. Since its all-time high on Oct. 3, the fund is down about 27%.
With $68.33 billion in AUM, it is the largest Bitcoin ETF on the market. Its average daily trading volume of more than 55 million shares makes it more liquid than GBTC and nearly as liquid as BITO.
Most importantly, the fund charges an expense ratio of just 0.25%, which has made it attractive to institutional investors. Over the past 12 months, institutional buyers have outnumbered sellers 1,557 to 417, with inflows of more than $11 billion vastly exceeding outflows of about $1.55 billion. Current short interest stands at only 1.43% of the float.
The fund may also benefit from a long-term catalyst: BlackRock announced on Jan. 21 that it partnered with Delaware Life to offer a U.S. fixed index annuity providing Bitcoin exposure, and that exposure will use IBIT to manage the annuity's crypto access.
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