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Bitcoin Miners Surge Amid Trump Support Despite Bitcoin Dip
Bitcoin dropped 5% last week, but miners like CleanSpark and Riot Platforms surged. Blockchain ETFs outperformed cryptocurrency ETFs.
By Edouard Caillieux
June 17, 2024
- Bitcoin
- Trump
- Blockchain
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Bitcoin's Decline vs. Miners' Surge
Bitcoin faced a tough week, declining by 5%. In stark contrast, Bitcoin mining companies CleanSpark and Riot Platforms saw impressive gains of 13.67% and 9.66%, respectively. This divergence highlights the distinct factors impacting Bitcoin and Bitcoin miners.
Trump Endorses Bitcoin Miners
The boost in Bitcoin miners' shares can be traced back to recent political developments. Republican presidential candidate Donald Trump reportedly met with executives from CleanSpark and Riot Platforms at his Mar-a-Lago resort and expressed his belief that Bitcoin miners contribute to stabilizing the U.S. electrical grid's energy supply. On his Truth Social platform, Trump also declared his desire for all remaining Bitcoin to be mined within the U.S. This endorsement significantly bolstered investor confidence in Bitcoin mining stocks.
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ETF Performance: Cryptocurrency vs. Blockchain
While cryptocurrency ETFs struggled, losing 7.36% over the week, blockchain ETFs saw gains of 3.35%. This performance disparity underscores the varying impacts of market dynamics on different types of ETFs.
Notable Blockchain ETFs
- iShares Blockchain Technology UCITS ETF (BLKC): This ETF gained an impressive 9.57%, driven by its focused investments in high-performing blockchain companies.
- VanEck Crypto and Blockchain Innovators UCITS ETF (DAGB): DAGB rose 8.55% over the week, reflecting strong returns from its diversified blockchain-related holdings.
- Invesco CoinShares Global Blockchain UCITS ETF (BCHN): The largest in this group, BCHN, gained only 2.98%. Its lower allocation in top-performing stocks like CleanSpark, Riot Platforms, and Iris Energy contributed to its relatively modest performance.
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Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.
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