Cryptocurrency ETF (BITS) Hits New 52-Week High
For investors seeking momentum, GX Blockchain & Bitcoin Strategy ETF BITS is probably on the radar. The fund just hit a 52-week high and is up 142.47% from its 52-week low price of $45.63/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 seeks long-term growth potential by combining prudent management of bitcoin futures positions with exposure to disruptive companies on the cutting edge of the emerging blockchain technology and digital assets theme. The product charges 65 bps in annual fees (See: All Cryptocurrency ETFs).
Why the Move?
Bitcoin is soaring to record highs, driven by robust investor demand, persistent institutional interest, more supportive policies under the Trump administration and the digital currency’s growing ties to the broader financial ecosystem.
Additionally, efforts to diversify beyond U.S. assets have prompted investors to turn to alternatives like Bitcoin.
More Gains Ahead?
BITS might continue its strong performance in the near term, with a positive weighted alpha of 92.73 (as per Barchart.com), which gives cues of a further rally.
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This article originally published on Zacks Investment Research (zacks.com).
Source Zacks-com
