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Crypto ETFs rise as Bitcoin aims to close above 100-day MA for first time since late April

Crypto ETFs rise as Bitcoin aims to close above 100-day MA for first time since late April


Seeking Alpha
2022-09-12 15:24:51
Crypto ETFs rise as Bitcoin aims to close above 100-day MA for first time since late April

Bitcoin Strategy ETFs and blockchain funds are in the green as Bitcoin (BTC-USD) looks to close above its 100-day moving average for the first time since late April. Bitcoin has now rallied 4.7% on Monday and is +11.4% since the end of August which in turn has bolstered related exchange traded funds.The rally in the digital token has provided support for the ProShares Bitcoin Strategy ETF (NYSEARCA:BITO), Valkyrie Bitcoin Strategy ETF (NASDAQ:BTF), and VanEck Bitcoin Strategy ETF (BATS:XBTF). All three funds trade in a parallel fashion to Bitcoin as they are priced directly off the futures contracts of the crypto asset.Blockchain ETFs that provide indirect access to Bitcoin by delivering exposure crypto miners, digital asset exchanges, digital payment providers, digital storage, and other crypto related fields also have gained. Two example funds are the Amplify Transformational Data Sharing ETF (BLOK) and Global X Blockchain ETF (BKCH).Daily price action: BITO +4.5%, BTF +4.6%, XBTF +5.1%, (BLOK) +0.4%, and BKCH +0.8%.Aside from looking to close above its 100-day moving average, Bitcoin also trades above the $22K mark but still remains lower on the year by 52.9%.While Bitcoin and crypto related funds rise on Monday, KPMG sees the cryptocurrency market slowing down through 2022.

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