Crypto ETFs led the way in the top-performing ETFs of the last week or so, with strategies focusing on areas as varied as the blockchain, fintechs, Bitcoin, and more all outperformed their competitors. The continued strong performance of crypto ETFs suggests a few interesting factors are at play, whether a continued belief in crypto’s distance from troubles in a beleaguered banking sector or perhaps that there is still a long-term, disruptive innovation case for crypto overall.
|Ticker||Name||1 Week Return|
|(DAM )||VanEck Digital Assets Mining ETF||35.79%|
|(WGMI )||Valkyrie Bitcoin Miners ETF||33.37%|
|(DAPP )||VanEck Digital Transformation ETF||30.96%|
|(BITQ )||Bitwise Crypto Industry Innovators ETF||25.35%|
|(BKCH )||Global X Blockchain ETF||23.98%|
|(SATO )||Invesco Alerian Galaxy Crypto Economy ETF||21.02%|
|(GFOF )||Grayscale Future of Finance ETF||19.89%|
|(FDIG )||Fidelity Crypto Industry and Digital Payments ETF||19.21%|
|(IBLC )||iShares Blockchain and Tech ETF||18.44%|
|(CRPT )||First Trust SkyBridge Crypto Industry & Digital Economy ETF||17.80%|
VanEck led the way over the last week with not one, but two ETFs at the top of the performance charts. The VanEck Digital Assets Mining ETF (DAM ) was the top-performing ETF over the last week or so with returns of 35.8%, while the VanEck Digital Transformation ETF (DAPP ) saw the third-highest returns at 31%.
Interestingly, just the second-placed ETF specifically focuses on getting as close as possible to Bitcoin itself, given the lack of a spot Bitcoin ETF. The Valkyrie Bitcoin Miners ETF (WGMI ) returned 33.4% over the last week or so, but overall the suite of crypto ETFs that dominated the top-performing ETFs pretty much all focused on the broader ecosystem for the blockchain.
A few notable examples include the Global X Blockchain ETF (BKCH ) returning 24%, the Grayscale Future of Finance ETF (GFOF ) at 19.9%, the Invesco Alerian Galaxy Crypto Economy ETF (SATO ) at 21%, and the iShares Blockchain and Tech ETF (IBLC ) at 18.4%.
Whether the interest in the blockchain and its other adjacent technologies stems from a market believing that the worst of this year’s challenges are priced in, or not, it is intriguing that crypto has been a durable theme performance-wise so far this year. Bitcoin has rebounded somewhat this year while continuing momentum to “green” the energy use needed to mine crypto could also be a salient point behind crypto’s place in the top-performing ETFs over the last week.
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