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Bitcoin Recovery Sees Blockchain ETFs Soar
Blockchain and Bitcoin ETFs have rallied this week as more positive sentiment returns to the sector
By Trackinsight
February 10, 2022
- Cryptocurrencies
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Bitcoin recovers from January tumble
After a disastrous start to the year which, saw the price of Bitcoin fall from $43k (12th Jan) to $35k (21st Jan) per coin, the world’s leading cryptocurrency has staged a dramatic recovery, rising nearly 30% in the last two weeks. Bitcoin is now hovering back around the $43k mark, benefitting crypto fans who bought the dip.
Bitcoin & Blockchain ETFs bounce back
A similar story has played out in the ETF markets where, during January, ETFs tracking digital assets, blockchain and Bitcoin were among the worst performers. However, they have rallied this week in line as more positive sentiment returns to the sector. The Global X Blockchain ETF (BKCH) has climbed 13.5% so far this week and pulled in a modest $3.9 million of new assets, the Bitwise Crypto Industry Innovators ETF (BITQ) jumped by 10.6% and attracted $2.2 million of assets and the ProShares Bitcoin Strategy ETF (BITO) – the first US-listed ETF to provide exposure to Bitcoin – climbed 10.3% and saw an additional $40 million of flows.
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Cryptocurrency theme bled over $200 million of flows this year
This good news needs to continue for a while to reverse the impact of January’s crypto bloodbath as in total, ETFs tracking the cryptocurrency theme have seen $239 million of outflows so far this year. However, hope is on the horizon as recent JP Morgan analysis estimates the fair value of Bitcoin between $38-50k meaning there could still be significant unrealized upside for investors to benefit from.
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