Seeking Alpha
2023-02-17 14:39:30

Cryptocurrency-related ETFs have skyrocketed in 2023, with one name jumping 100%+

The rebound seen in the cryptocurrency market early in 2023 has provided a lift for exchange traded funds related to Bitcoin and to the blockchain in general. As a result, these names dominate the top 10 year-to-date percentage gainers among non-leveraged ETFs. Crypto assets such as Bitcoin ( BTC-USD ) and Ethereum ( ETH-USD ) have jumped 42.8% and 36.9% respectively, in 2023. As a result, Bitcoin has recently topped the $25K mark. Meanwhile, since the beginning of the trading year, digital assets have handedly outperformed the broad markets ( DJI ) ( SP500 ) ( SPY ) ( COMP.IND ). Commenting on the crypto surge, VanEck noted: “What's interesting to note is the degree of outperformance that crypto equities have had over digital assets themselves. Year to date, the MVIS Global Digital Assets Equity Index has outperformed both Bitcoin and Ethereum by nearly double.” "We believe that digital assets equities represent a leveraged bet on digital assets," the firm added. See below a breakdown of the top ten non-leveraged ETF performers of 2023 so far: Top 10 Non-Leveraged ETF 2023 Performers: No. 10: Defiance Digital Revolution ETF ( NFTZ ) +52.1% . No. 9: Fidelity Crypto Industry and Digital Payments ETF ( FDIG ) +52.4% . No. 8: Global X Blockchain and Bitcoin Strategy ETF ( BITS ) +58.6% . No. 7: Grayscale Future of Finance ETF ( GFOF ) +62.1% . No. 6: iShares Blockchain and Tech ETF ( IBLC ) +64.4% . No. 5: Invesco Alerian Galaxy Crypto Economy ETF ( SATO ) +67.4% . No. 4: Bitwise Crypto Industry Innovators ETF ( BITQ ) +78.2% . No. 3: VanEck Digital Transformation ETF ( DAPP ) +86.1% . No. 2: VanEck Digital Assets Mining ETF ( DAM ) +95.2% . No. 1: Valkyrie Bitcoin Miners ETF ( WGMI ) +103.4% . Data is per ETF.com . In related news, cryptocurrency traders on Thursday appeared to be steering clear of growing regulatory risks as Bitcoin flirted with the highest level seen since August 2022.

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