For investors seeking momentum, Global X Blockchain & Bitcoin Strategy ETF BITSis probably on radar. The fund just hit a 52-week high and is up 114.71% from its 52-week low price of $18.69/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
BITS in Focus
The Global X Blockchain & Bitcoin Strategy ETF is an actively-managed fund that seeks to capture the long-term growth potential of the blockchain and digital assets theme. The product charges 65 bps in annual fees (See: all the Cryptocurrency ETF here).
Why the Move?
Experiencing a notable comeback, Bitcoin recently saw a resurgence surpassing the $31,000 threshold for the first time in months. One of the triggers of the surge in the cryptocurrency’s price was the request made by BlackRock, the world’s largest money manager, to register a Bitcoin ETF focused on the spot market.
EDX Markets, a digital asset exchange platform, backed by investment firms like Fidelity and Charles Schwab, recently announced that they would allow trading on some cryptocurrencies, fueling investor interest in cryptocurrencies. Growing speculation that these institutional initiatives could prompt legislative bodies to address the classification and regulation of such endeavors is generating an optimistic outlook.
More Gains Ahead?
The fund might continue with its strong performance, given a positive weighted alpha of 31.19.
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Global X Blockchain & Bitcoin Strategy ETF (BITS): ETF Research Reports
