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Cyptocurrency ETFs Won in Nasdaq's Best Week Since November
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Bitcoin prices jumped last week and gained on Saturday around $21,000 for first time in over two months. Wall Street was pretty upbeat with the S&P 500 (up 2.67%), the Dow Jones (up 2.0%), the Nasdaq (up 4.8%) and the Russell 2000 (up 5.3%) offering superb returns last week.
The S&P 500 and the Nasdaq logged their best week since November, per CNBC. The 10-year U.S. treasury yield started the week at 3.53%, hit a high of 3.61% and ended at 3.49%. The decline in the U.S. treasury yield triggered the stock market rally.
The consumer price index dipped 0.1% in December after gaining 0.1% in November. It rose 6.5% year over year in December, down from a 7.1% year-over-year increase in November and a recent peak of 9.1% in June. The annual inflation growth was the smallest rise since October 2021. The data has put the Federal Reserve on track to again slow the pace of interest-rate hikes.
The latest job data showed a deceleration in wage growth, which gave investors hope that the Fed could ease off on its interest-rate increases. This has bolstered the risk-on trade sentiments and favored the beaten-down asset cryptocurrency. There are 75.7% chances of 25 bps rate hike in the next Fed meeting. Current target rate is 425 – 450 bps.
Amid all news, crypto-related stocks topped the equity space as most winning ETFs came from that segment.
ETFs in Focus
Valkyrie Bitcoin Miners ETF (WGMI - Free Report) – Up 49.5% Past Week
The Valkyrie Bitcoin Miners ETF is an actively-managed exchange-traded fund that will invest at least 80% of its net assets in securities of companies that derive at least 50% of their revenue or profits from bitcoin mining operations and from providing specialized chips, hardware and software or other services to companies engaged in bitcoin mining. The fund charges 75 bps in fees.
VanEck Digital Assets Mining ETF – Up 48.8%
The MVIS Global Digital Assets Mining Index tracks the performance of companies that are participating in the digital assets mining economy. The fund charges 50 bps in fees.
VanEck Digital Transformation ETF (DAPP - Free Report) – Up 40.6%
The underlying MVIS Global Digital Assets Equity Index is a rules-based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the global digital asset segment. The fund charges 50 bps in fees.
The underlying Solactive Blockchain Index provides exposure to companies that are positioned to benefit from further advances in the field of blockchain technology. The fund charges 50 bps in fees.
Bitwise Crypto Industry Innovators ETF (BITQ - Free Report) – Up 37.2%
The underlying Bitwise Crypto Innovators 30 Index measures the performance of companies involved in servicing the cryptocurrency markets, including crypto mining firms, crypto mining equipment suppliers, crypto financial services companies, or other financial institutions servicing primarily crypto-related clientele. The fund charges 85 bps in fees.
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Cyptocurrency ETFs Won in Nasdaq's Best Week Since November
Bitcoin prices jumped last week and gained on Saturday around $21,000 for first time in over two months. Wall Street was pretty upbeat with the S&P 500 (up 2.67%), the Dow Jones (up 2.0%), the Nasdaq (up 4.8%) and the Russell 2000 (up 5.3%) offering superb returns last week.
The S&P 500 and the Nasdaq logged their best week since November, per CNBC. The 10-year U.S. treasury yield started the week at 3.53%, hit a high of 3.61% and ended at 3.49%. The decline in the U.S. treasury yield triggered the stock market rally.
The consumer price index dipped 0.1% in December after gaining 0.1% in November. It rose 6.5% year over year in December, down from a 7.1% year-over-year increase in November and a recent peak of 9.1% in June. The annual inflation growth was the smallest rise since October 2021. The data has put the Federal Reserve on track to again slow the pace of interest-rate hikes.
The latest job data showed a deceleration in wage growth, which gave investors hope that the Fed could ease off on its interest-rate increases. This has bolstered the risk-on trade sentiments and favored the beaten-down asset cryptocurrency. There are 75.7% chances of 25 bps rate hike in the next Fed meeting. Current target rate is 425 – 450 bps.
Amid all news, crypto-related stocks topped the equity space as most winning ETFs came from that segment.
ETFs in Focus
Valkyrie Bitcoin Miners ETF (WGMI - Free Report) – Up 49.5% Past Week
The Valkyrie Bitcoin Miners ETF is an actively-managed exchange-traded fund that will invest at least 80% of its net assets in securities of companies that derive at least 50% of their revenue or profits from bitcoin mining operations and from providing specialized chips, hardware and software or other services to companies engaged in bitcoin mining. The fund charges 75 bps in fees.
VanEck Digital Assets Mining ETF – Up 48.8%
The MVIS Global Digital Assets Mining Index tracks the performance of companies that are participating in the digital assets mining economy. The fund charges 50 bps in fees.
VanEck Digital Transformation ETF (DAPP - Free Report) – Up 40.6%
The underlying MVIS Global Digital Assets Equity Index is a rules-based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the global digital asset segment. The fund charges 50 bps in fees.
Global X Blockchain ETF (BKCH - Free Report) – Up 37.6%
The underlying Solactive Blockchain Index provides exposure to companies that are positioned to benefit from further advances in the field of blockchain technology. The fund charges 50 bps in fees.
Bitwise Crypto Industry Innovators ETF (BITQ - Free Report) – Up 37.2%
The underlying Bitwise Crypto Innovators 30 Index measures the performance of companies involved in servicing the cryptocurrency markets, including crypto mining firms, crypto mining equipment suppliers, crypto financial services companies, or other financial institutions servicing primarily crypto-related clientele. The fund charges 85 bps in fees.