The launch of the first bitcoin futures ETF this week saw bitcoin go soaring to a new high of $67,000 yesterday and the second most popular cryptocurrency, ether, rise above $4,000 for the first time since May.
The added interest and attention to bitcoin and bitcoin futures has caused an increase in interest for cryptocurrencies in general, with many altcoins experiencing double digit highs.
At the height of trading yesterday, the crypto market cap hit $2.63 trillion, reported Cointelegraph. Altcoins, buoyed by the activity in the space, reported almost a 30% increase in some cases in a ripple effect that was felt throughout the crypto economy.
OriginTrail (TRAC) experienced the largest gains at 28.34%; TRAC is a protocol that works on the ethereum network, and its specialty is in utilizing blockchain technology to improve supply chain management and logistics. Kadena (KDA), a blockchain project focused on enterprises, experienced a 24.11% growth.
Cartesi (CTSI) was the third-biggest altcoin to gain yesterday, rising 23.57%. CTSI is a blockchain protocol that works to bring the traditional tools that the development community uses together with decentralized options that could improve smart contracts and make them widely available.
The increased performance of the altcoins and the popularity of bitcoin is carried over into increased trading volumes with exchanges and continues on through the rest of the crypto economy, something that Amplify Investments captures with their blockchain-focused ETF.
BLOK Invests in the Blockchain Ecosystem
All of these altcoins and the innovations they represent are buoyed by the technologies and creators behind blockchain, something that the Amplify Transformational Data Sharing ETF (BLOK) invests in.
The fund now tops $1.4 billion in AUM and is the largest of the blockchain ETFs, is actively managed, and invests in companies partnered with or directly investing in companies directly involved in developing and using blockchain technology. BLOK was also the first blockchain ETF approved by the SEC and launched in 2018. However, the fund does not invest directly in blockchain technology or cryptocurrencies.
BLOK spreads its holdings across the size spectrum, investing in all market caps. Within the blockchain industry, top allocations include transactional at 30.0%, crypto miners at 28.0%, and venture at 10%, as of the end of September. BLOK invests across the blockchain landscape, in miners, exchanges, and developers.
Top holdings include Hut 8 Mining Corp, a cryptocurrency mining company focused on bitcoin mining, at 6.17%; Marathon Digital Holdings (MARA) at 6.02%; and Microstrategy Inc (MSTR), a business intelligence and data analytics platform, at 5.91%.
BLOK has an expense ratio of 0.71% and currently has 47 holdings.
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