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Bitcoin ETF (DEFI) Hits New 52-Week High
For investors seeking momentum, Hashdex Bitcoin Futures ETF (DEFI - Free Report) is probably on radar. The fund just hit a 52-week high and is up about 177% from its 52-week low price of $25.53 per share.
Are more gains in store for this ETF? Let us take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
DEFI in Focus
Hashdex Bitcoin Futures ETF does not invest directly in Bitcoin but provides price exposure to the crypto asset through Bitcoin futures contracts. This gives investors the opportunity to capitalize on its growth potential, store of value characteristics and the prospect of a decentralized future without the complexity of self-custody. DEFI charges 90 bps in annual fees (see: all the Cryptocurrency ETFs here).
Why the Move?
The cryptocurrency corner of the broad investing world has been an area to watch lately, given Bitcoin’s unstoppable rally. The world's largest cryptocurrency jumped as much as 13% to $63,968 in the Feb 28 trading session — its first trip above $60,000 since November 2021. The rally has set Bitcoin on track for its biggest monthly gain since December 2020. The surge primarily came on the back of a surging optimism that demand for the token is widening beyond committed digital-asset enthusiasts.
More Gains Ahead?
DEFI might remain strong, given a weighted alpha of 147.68 and a higher 20-day volatility of 41.78%. There is definitely some promise for investors who want to ride on this surging ETF.