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Coinbase (NASDAQ:COIN | COIN Price Prediction) Head of Institutional Strategy John D'Agostino used a recent CNBC Squawk Box appearance to push back on the wave of skepticism that has followed a brutal stretch for crypto prices.

Bitcoin is up 84.59% over the past five years. ProShares Bitcoin Strategy ETF (NYSEARCA:BITO), the fund millions of investors bought to ride that exact wave, is down 24.26% over the same window. That gap is the hidden cost. What You're Actually Paying Start with the sticker price. BITO charges a 0.95% net expense ratio, per... BITO's 0.95% Fee Is Only Half the Problem. Here's Why Bitcoin Futures Cost You 2.9%…

ProShares Bitcoin ETF (BITO) has suffered a -46% price decline and -39% total return over eight months. BITO's high distribution does not offset losses during Bitcoin downturns, challenging its defensive appeal. Correlation between Bitcoin and high-beta equities has broken down, signaling Bitcoin now trades on distinct supply/demand dynamics.

The crypto market is currently in the midst of a prolonged downturn as investor appetite for risky alts like Bitcoin (BTC) has dried up since the coin hit its all-time high (ATH) on Oct. 6, 2025.