Crypto ETFs Have Bounced Back. But Don’t Get Too Excited.

Cryptocurrency ETFs have produced strong returns so far this year, making them the top-performing class in the exchange-traded-fund universe in 2023.

Of course, it’s merely a rebound from the depths of last year’s crypto crash, which wiped out $1 trillion in value from the cryptocurrency market as scandals such as the downfall of the FTX exchange triggered a slide in prices of digital currencies. Bitcoin, the world’s biggest cryptocurrency, dropped 65% to around $16,500 by year’s end.