Analyst The top 15 performing stock ETFs of the year are all related to cryptocurrencies.
The top 15 performing stock ETFs of the year are all crypto-related.Author: MARTIN YOUNG, COINTELEGRAPH; Translation: Song Xue, LianGuai
Bloomberg ETF analysts state that the United States may account for 99.5% of the global cryptocurrency exchange-traded fund (ETF) trading volume, provided that the physically-backed Bitcoin ETF is approved.
Eric Balchunas, Senior ETF Analyst at Bloomberg, revealed in an August 10th (Twitter) post that North America currently accounts for 97.7% of all cryptocurrency ETF trading volume.
“If/when a physically-backed ETF launches in the United States, this could reach 99.5%,” he speculated.
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Global cryptocurrency ETF trading volume: Source: Eric Balchunas on Twitter
Currently, there is a long list of Bitcoin ETF applications awaiting approval from the U.S. Securities and Exchange Commission. Regulators plan to make a decision on the joint ARKB fund from Ark Invest and 21Shares by August 13th, although there is widespread expectation of a delay.
In an interview with Bloomberg on August 7th, Ark CEO Cathie Wood speculated that regulators may be waiting to approve multiple funds simultaneously.
On August 10th, Bitwise submitted an updated prospectus, changing its BITC fund from a Bitcoin futures ETF to “Bitwise Bitcoin and Ether Weighted Strategy ETF.” This move corresponds with Valkyrie’s move on August 5th, changing its BTC futures ETF (BTF) to include Ethereum futures.
Performance chart of cryptocurrency-related ETFs
Furthermore, Balchunas also pointed out that the top 15 performing ETFs are all involved in the cryptocurrency and blockchain sector.
“Every one of the top 15 performing stock ETFs this year is related to cryptocurrency.”
Since the beginning of 2023, the Valkyrie Bitcoin Miners ETF has performed the best, with a return rate of 227%. WGMI is a fund actively managed by Nasdaq that invests in publicly traded companies in the Bitcoin mining industry, such as Marathon Digital, Riot, and Cipher Mining.
The stocks of many top-listed mining companies have outperformed Bitcoin this year, which can explain the outstanding performance of products like WGMI.
The VanEck Digital Transformation ETF has a year-to-date return rate of 182%, ranking second. The DAPP fund also tracks some cryptocurrency mining and technology companies, including Coinbase, MicroStrategy, Galaxy Digital, Canaan, and Hive.
Other leading cryptocurrency-related ETPs include the Global X Blockchain ETF (BKCH), which has risen 168% year-to-date; the Bitwise Crypto Industry Innovators ETF (BITQ), which also has a return rate of 168%; and Invesco’s Alerian Galaxy Crypto Economy ETF (SATO), which has risen 162% in 2023 so far.
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