SPY - This Bitcoin mining ETF rose more than 80% in January leading all other ETFs

Exchange traded funds related to Bitcoin mining sat at the top of the ETF performance list for January, as the highest returning fund notched gains greater than 80% .

The Valkyrie Bitcoin Miners ETF ( NASDAQ: WGMI ), a small actively managed fund with $3.96M assets under management, was able to explode by 85.5% in the first month of 2023. At one point in January, the fund topped +100% , but since cooled off.

Placing WGMI’s topside move into perspective, it outpaced the performance of the S&P 500 ( SP500 ) and its mirroring exchange traded funds ( NYSEARCA: SPY ), ( NYSEARCA: VOO ), and ( IVV ) by 15x.

WGMI was not the only Bitcoin mining and crypto focused fund that jumped higher on the month. The  VanEck Digital Assets Mining ETF ( DAM ) gained 70.8% , VanEck Digital Transformation ETF ( DAPP ) popped 63.3% , and Bitwise Crypto Industry Innovators ETF ( BITQ ) rose by 58.7% .

All four funds were supported by the underlying climb in the price action of Bitcoin ( BTC-USD ), which started 2023 below $17K and moved its way up 40% to retake the $23K level.

In other crypto related news, the U.K. government outlines a plan to regulate the cryptocurrency industry.

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