Which stage of the bear market are we in now? The first U.S. spot Bitcoin ETF is shutting down and liquidating—Hashdex Bitcoin ETF (ticker DEFI)—trading will cease on August 17. It manages assets worth $14.7 million, compared to BlackRock's IBIT, which boasts a net asset value of $47.08 billion. Its management fee revenue for the entire quarter was $6,453, barely over $25,000 for the year—this isn't even enough to pay a fund manager's salary in the U.S. Honestly, the ticker name wasn't lucky either. DeFi? If you’re not going bankrupt, who is?