Crypto and blockchain ETFs rally as Bitcoin heads towards 50K – Seeking Alpha

Bitcoin Cryptocurrency concept

Olemedia/iStock via Getty Images

Olemedia/iStock via Getty Images
Bitcoin (BTC-USD) exchange traded funds and related blockchain ETFs popped on Monday, bolstered by a rally in the underlying crypto asset, which showed a performance of +6% in intraday action.
Proshares Bitcoin Strategy ETF (NYSEARCA:BITO), Valkyrie Bitcoin Strategy ETF (NASDAQ:BTF), and the VanEck Bitcoin Strategy ETF (XBTF) are amongst the leaders of all ETFs on the day. BITO +6.7%, BTF +6.8%, and XBTF +6.8%.
Bitcoin has now closed positive in eight of the last ten sessions. Over those ten trading days, the cryptocurrency has gained 16.7% as it now trades at 47.5K and is approaching the 50K level.
BITO, BTF and XBTF all provide market participants with the opportunity to gain exposure to Bitcoin through futures contracts.
Blockchain ETFs that indirectly move because of the price of Bitcoin also stepped up on Monday. Three funds in particular are the Alpha Architect ETF Trust Viridi Cleaner Energy (RIGZ) +4%, Global X Blockchain ETF (NASDAQ:BKCH) +4.7%, and the VanEck Digital Transformation ETF (DAPP) +3.5%.
Year-to-date price action: BTC-USD +0.5%, BITO +2.9%, BTF +3.5%, XBTF +3.4%, RIGZ -15.7%, BKCH -15%, and DAPP -14.2%.
Bitcoin, the largest digital token by market cap, has now erased its year-to-date losses as the global crypto market cap gains over 6% to $2.13T.