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ETF News & Views: Bitcoin, EV & Future Mobility (April 17 to 21, 2023)
By Trackinsight
April 24, 2023
- Bitcoin
- EV
- Thematic
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All the latest news on Thematic Investing in our Thematic Investing Channel.
Bitcoin plunges below $28,000
Market sentiment has shifted in recent days, as traders began taking profits after Bitcoin topped the $30K mark. The largest blockchain-based digital asset experienced high selling pressure, losing more than 9% for the week ending on April 23rd, 2023. The current short-term bearish acceleration could open the door for sellers to target the next technical support below $27K.
The decline in Bitcoin's value has also impacted the broader crypto market, with many other digital assets suffering similar selloffs. The Cryptocurrency Theme lost 9.02% last week, bringing its YTD performance to 63.97%.
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In the crypto space, Bitcoin is globally tracked by 37 funds managing $4.8 Billion. Most of them registered double-digit losses week-over-week: -10.32% for the ProShares Bitcoin Strategy ETF (BITO), -11.63% for the iShares Blockchain Technology UCITS ETF (IE000RDRMSD1) and -14.23% for the VanEck Crypto and Blockchain Innovators UCITS ETF (IE00BMDKNW35).
Cryptocurrency: Global Group Data
Cryptocurrency: Funds Specific Data
EV funds hurt by Tesla's results
Tesla's latest earnings report has sent shockwaves through the automotive sector and affected the performance of many electric vehicle (EV) funds. The company reported its first-quarter earnings after the close on Wednesday and missed Wall Street estimates, posting its lowest quarterly gross margin in two years in the wake of price cuts. This disappointing news has caused many investors to become concerned about the company's financials.
Tesla's stock price fell 10.77% for the week after the company's sixth price cut this year in the U.S. The base price of the Model 3 has now dropped below $40,000 in the U.S. for the first time in years, a significant fall of approximately $7,000 since the start of the year. Many EV funds registered significant losses as they have a high allocation to Tesla stocks.
Future Mobility: Global Group Data
EV & Future Mobility: Fund Specific Data
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