Crypto ETFs are surging following last week’s presidential election.
Bitcoin reached $80,000 for the first time over the weekend and hit another high on Monday, as the rally in crypto continues. While spot bitcoin ETFs have seen strong returns in the past week, closely tracking the price of bitcoin, crypto equity ETFs have doubled and tripled spot bitcoin’s one-week performance.
Since the election on November 5, bitcoin, as measured by the iShares Bitcoin Trust ETF (IBIT ), has climbed 10.6%. Meanwhile, the First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT ), the CoinShares Valkyrie Bitcoin Miners ETF (WGMI ), the iShares Blockchain and Tech ETF (IBLC ), the Bitwise Crypto Industry Innovators ETF (BITQ ), and the VanEck Digital Transformation ETF (DAPP ) have each surged over 22%, with CRPT jumping over 33%.
Coinbase (COIN) and MicroStrategy (MSTR) are the leaders in the post-election crypto rally. Over the past five days, their shares have climbed around 75% and 38%, respectively.
The top holding in CRPT and IBLC is Coinbase, which has notably added $35 billion of market cap since the election, as of November 11. Meanwhile, the top holding in BITQ and DAPP is MicroStrategy.
Crypto Equity ETFs Lead in Longer-Term Performance
Since IBIT’s inception on January 11, four of the five crypto equity ETFs are beating the spot bitcoin ETF.
CRPT, the top performer in the past week, is also the top performer year-to-date through November 8.
Crypto equity ETFs do not hold spot crypto, but instead hold stocks of companies participating in the crypto industry. In the case of Coinbase, the company operates a crypto exchange platform. MARA Holdings (MARA), another common name in crypto equity ETFs, is a digital assets miner.
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