CoinShares Bitcoin and Ether ETF (BTF)

On our risk desk, BTF's 3-year portfolio risk score of 233 places it firmly in the extreme volatility tier, far outpacing the median for digital asset peers. When combined with a dismal Sharpe ratio of 0.10 and a Sortino of 0.25, the risk-reward profile is fundamentally weak. We are seeing a 3-year maximum drawdown of -56.1%, which makes it a very hard sell for institutional mandates looking for efficient crypto beta.

Watching the market sentiment on BTF, retail investors are clearly steering clear in favor of spot alternatives like IBIT or FBTC. With assets under management sitting between $11.3M and $12M, and a wider bid-ask spread of 0.34%, the liquidity profile is becoming a real conversation point. You have to wonder how long a fund can maintain viability when it loses roughly 46% over a year while digital-asset peers drop around 32%.

From a quantitative structuring perspective, BTF's use of CME-listed bitcoin and ether futures contracts instead of spot holdings creates a permanent friction. Investors absorb contango roll costs—the drag from rolling expiring futures into pricier next-month contracts—directly on top of the headline 1.27% expense ratio. This structural disadvantage explains why its return versus category ratings are consistently low across multi-year windows.

Evaluating the fund flows and management metrics, the CoinShares Bitcoin and Ether ETF (formerly the Valkyrie Bitcoin and Ether Strategy ETF) is struggling to capture market share. Even with a 1-year fund flow of roughly $5.89M, the total AUM remains under $12M. Danelfin's AI score places it at a 5/10 Hold, indicating it barely matches an equal-weight ETF universe baseline, giving tactical allocators little reason to engage.

Looking at the technical indicators on our desk, BTF's price of around $19.55 sits roughly 66% below its 200-day moving average of $58.19, and only 14% above its all-time low of $17.34 set in late February 2026. With a monthly RSI of 33.9 hovering near oversold territory, it resembles a late-markdown phase, but the lack of an underlying index and the synthetic replication method keep us completely on the sidelines.