If you owned CoinShares Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI) into Friday’s close, you watched it open at $69.36 and finish the day at $61.59, a 11.2% drop in a single session. The proximate cause is easy to name. Bitcoin printed a daily low of $59,073, breaking the $60,786 level that, until Friday, had marked the post-election floor. Spot crypto trading down is the headline. The miner basket trading down nearly two-for-one against it is the article.

The math of a leveraged proxy on a bad Friday

WGMI holds a concentrated basket of pure-play bitcoin miners. Three of the largest, by the data we can verify, did the bulk of Friday’s damage. Riot Platforms (NASDAQ:RIOT | RIOT Price…