America's First Bitcoin ETF, known as BITO, has attracted inflows consistently through its life, with only light withdrawals. But even with net inflows of $1.8bn in its debut year, its assets now stand at $624mn. Taking together the timing of inflows and the 70 per cent drop in the fund’s equity price, Morningstar calculates that BITO has lost $1.2bn of investors’ money, making this by far the biggest debut loser.

Other ETFs have fallen further in their first year, but they have all been far smaller. The Global X Blockchain ETF (BKCH) — another crypto-related fund — plummeted 76.7 per cent in its first year of operation to July, but it peaked at $125mn of assets and now holds just $60mn.