Crypto ETFs rise as Bitcoin aims to close above 100-day MA for first time since late April
Bitcoin strategy ETFs and blockchain funds are in the green as Bitcoin (BTC-USD) looks to close above its 100-day moving average for the first time since late April. Bitcoin has now rallied 4.7% Monday and is +11.4% since the end of August, which in turn has strengthened related exchange-traded funds.
The digital token’s rally provided support for the ProShares Bitcoin Strategy ETF (NYSEARCA:BITO), Valkyrie Bitcoin Strategy ETF (NASDAQ: BTF) and VanEck Bitcoin Strategy ETF (BAT:XBTF). All three funds trade alongside Bitcoin as they are priced directly on futures contracts for the crypto asset.
Blockchain ETFs that provide indirect access to Bitcoin by offering exposure to crypto miners, digital asset exchanges, digital payment providers, digital storage, and other crypto-related areas also gained. Two examples of funds are the Amplify Transformational Data Sharing (BLOK) ETF and the Global X Blockchain (BKCH) ETF.
Daily Price Action: BITO +4.5%BTF +4.6%XBTF +5.1%(BLOK) +0.4%and BKCH +0.8%.
In addition to looking to close above its 100-day moving average, Bitcoin is also trading above the $22,000 mark, but still remains lower on the year in 52.9%.
As bitcoin and crypto-related funds surge on Monday, KPMG sees the cryptocurrency market slowing through 2022.
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