BTX
BlackRock Technology and Private Equity Term Trust
stock NYSE

Three reasons I can think of:
1. BITX is a 2x leveraged ETF so (by definition) it does not track the price of Bitcoin 1:1. You can have a leveraged 2x ETF, or you can have an ETF that tracks its underlying investment 1:1, but you can't have both, they are mutually exclusive (so pick which is more important to you).
2. BTX has paid 5 monthly dividends since December. Each dividend correspondingly lowers the price. To get the most accurate apples-to-apples calculations, be sure you are accounting for the dividends. (Unlike Bitcoin itself, which does not pay dividends, so the price doesn't drop every month.)
3. Finally, as a general comment, lots of ETFs are down from their December peaks. So the fact that any ETF is worth less now, than it was in December, shouldn't be at all shocking. 2025 has been a rough year for ETFs!

Three reasons I can think of:
1. BITX is a 2x leveraged ETF so (by definition) it does not track the price of Bitcoin 1:1. You can have a leveraged 2x ETF, or you can have an ETF that tracks its underlying investment 1:1, but you can't have both, they are mutually exclusive (so pick which is more important to you).
2. BTX has paid 5 monthly dividends since December. Each dividend correspondingly lowers the price. To get the most accurate apples-to-apples calculations, be sure you are accounting for the dividends. (Unlike Bitcoin itself, which does not pay dividends, so the price doesn't drop every month.)
3. Finally, as a general comment, lots of ETFs are down from their December peaks. So the fact that any ETF is worth less now, than it was in December, shouldn't be at all shocking. 2025 has been a rough year for ETFs!