Not long ago, spot Bitcoin ETFs were the hottest thing in the fund industry. Those were the days, eh?

About $6.4 billion flowed out of the products over the past month, marking the category’s largest 30-day pullback on record. Bitcoin itself has fallen roughly a third this year, now trading under $60,000. Meanwhile, the once-soaring iShares Bitcoin Trust ETF (IBIT), which neared $100 billion in assets last October, currently manages about half that. Investors are trimming risk amid concerns about higher interest rates and broader market uncertainty. But, even amid a new crypto winter, there are opportunities for advisors.

“Investors got out over their skis and have just seen the continued deleveraging of the system, which has…