DAPP - Bitcoin tops 9-month high fueling gains in crypto and blockchain ETFs

2023-03-20 11:13:37 ET

Shares of Bitcoin ( BTC-USD ) topped $28.5K early in Monday's trading as the cryptocurrency looks to record its 9th positive day in its last 10 trading sessions. With the advance, the cryptocurrency topped levels not seen in nine months.

Dating back to March 11, Bitcoin has jumped 39.2% , driving gains in exchange traded funds tied to the digital asset. Out of that group, the popular ProShares Bitcoin Strategy ETF ( NYSEARCA: BITO ), Valkyrie Bitcoin Strategy ETF ( NASDAQ: BTF ) and the VanEck Bitcoin Strategy ETF ( BATS: XBTF ) have all gained significantly over the past 10 days.

Since March 10, BITO had climbed 40.9% , BTF has jumped 41% , and XBTF has catapulted by 41.1% .

The surge in price has sent all three funds to levels not seen since June of 2022.

Aside from the traditional Bitcoin Strategy ETFs, which track the price action of Bitcoin through managed futures contracts, other blockchain-related funds have also found themselves in the green as well.

Dating back to March 10, the Amplify Transformational Data Sharing ETF ( BLOK ) picked up 15.1% , the Bitwise Crypto Industry Innovators ETF ( BITQ ) gained 28.7% , the Global X Blockchain ETF ( BKCH ) rose by 27.8% and the VanEck Digital Transformation ETF ( DAPP ) spiked by 29.2% .

Bitcoin has built steam as concerns related to the banking sector spurred speculation that the Federal Reserve would slow the pace of interest-rate increases.

For further details see: