Sign Up on MEXCSpot Bitcoin ETF Up 54% YTD To Outrank Rival TradFi Peers
Highlights
- Bitcoin has outpaced key competitors like the S&P 500 and Gold YTD
- This growth stems from the approval of spot Bitcoin ETF products
- More uptrend lies ahead though headwinds lie ahead
Spot Bitcoin ETF has outperformed several traditional Exchange Traded Fund products with a Year-to-date (YTD) increase of 54%.
U.S. Bitcoin ETF Launch Improves Market Outlook
Nate Geraci, the President of ETFStore outlined a couple of ETFs earlier today alongside their YTD performance. A glance through the list which featured Bitcoin (BTC), S&P 500, and US bonds, showed that BTC has gone up by 54% from January to date. Compared to BTC, Gold has jumped by 13% YTD, the S&P 500 up by 11% with assets like US Bonds and 20-year Treasury dropping 2% and 7% respectively.
Year-to-date total return…
BITO (bitcoin) +54%
GLD (gold) +13%
SPY (s&p 500) +11%
QQQ (nasdaq 100) +10%
IEFA (dev int’l) +7%
PDBC (commodities) +6%
IEMG (emerging mrkts) +4%
IWM (us small caps) +3%
SHY (1-3yr treas) +1%
AGG (us bonds) -2%
VNQ (reits) -5%
TLT (20+yr treas) -7%— Nate Geraci (@NateGeraci) June 1, 2024
A significant percentage of this surge could be attributed to the introduction and adoption of spot Bitcoin ETF product in the United States earlier this year. The Securities and Exchange Commission (SEC) greenlighted the offering in January, marking the beginning of a massive market movement.
The issuers of the new ETF product included top investment management firms like BlackRock, Fidelity Investments, Grayscale Investments, WisdomTree, Bitwise, and Cathie Wood’s ARK Invest in collaboration with 21Shares. Bitcoin ETF launch brought a high level of excitement to the crypto market, underscored by several investors diving to take a slice of the market.
In its first day of trading, spot Bitcoin ETFs recorded over $4.6 billion in trading volumes from 700,000 individual trades that were executed. Senior Bloomberg ETF analyst Eric Balchunas noted that this was “Easily the biggest splash in ETF history for a first day. No matter where you look, it’s superseded expectations.”
By the third day, the 11 spot Bitcoin ETFs that were approved by the securities regulator jumped to a $10 billion trading volume. The days that followed also brought impressive results as more traditional institutional investors plunged their funds into the crypto ETF.
In no time, Bitcoin price surged to its new all-time-high (ATH) of over $73,000. Again, this bullish sentiment attracted investors to join the Bitcoin ETF movement.
Crypto Ecosystem Awaits Spot Ethereum ETF Launch
Recently, the U.S. Bitcoin ETF market has seen some negative days, recording more outflows than inflows. In April alone, the spot Bitcoin ETFs accumulated outflows of more than $344 million, casting a gloomy atmosphere on the market. The last few days came with some slight recovery for the Bitcoin ETF market. However, New York Stock Exchange (NYSE) Group President, Lynn Martin recognizes the liquidity that the offering brought to the market.
The next step for the crypto ecosystem is launching an Ethereum ETF. Approval has been given by the SEC but issuers still need to gain approval on their updated S-1 registration before trading can commence.
Read More: El Salvador President Nayib Bukele Begins Second Term to Lead Bitcoin Adoption
- First U.S. Spot Dogecoin and XRP ETFs Launch as REX-Osprey Debuts DOJE and XRPR
- Analyst Calls $6 XRP Target for November Amid Ripple CEO’s White House Stockpile Hint
- Ethereum Faces Selloff Risks As Whales’ Unrealized Profit Hits 2021 Highs
- Expert Predicts 138% Shiba Inu Rally as SHIB Futures Listing Opens Spot ETF Path
- Bitcoin Will 200x From Here, Twenty One Capital CEO Says as BTC Breaks $117K After Fed Rate Cut
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
