BITU is trading 2.25% lower as Bitcoin retreats amid a sharp global bond selloff.
- Strong September business activity: U.S. composite PMI was 58.4, boosting expectations for prolonged restrictive Federal Reserve policy. The 10-year Treasury yield reached approximately 5.14%, its highest level since 2007.
- Higher yields, a stronger dollar and elevated oil prices are reducing appetite for volatile, non-yielding assets. Bitcoin briefly traded below $84,000, weighing disproportionately on BITU because its leveraged structure amplifies daily Bitcoin movements.