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For investors seeking momentum, CoinShares Valkyrie Bitcoin Miners ETF WGMI is probably on the radar. The fund just hit a 52-week high and has soared 238% from its 52-week low of $8.91 per share.
One of the biggest trends looking back on 2024, crypto ETFs, may not be done for the year yet. Spot bitcoin ETFs arrived to broad celebration across the ETF landscape following months and months of regulatory discourse.
Getting into Bitcoin? The cryptocurrency may be seeing increased interest with U.S. elections on the horizon.
Spot bitcoin ETFs exploded onto the scene this year. Since the start of the year, the price of bitcoin has risen from about $42,000 to more than $60,000 as spot strategies have grown.
The mining economics of validating Bitcoin transactions have deteriorated since the April block reward halving. Hash price continues to make new lows. WGMI is an actively managed ETF that aims to offer investors broad exposure to the Bitcoin mining industry. The fund has high turnover and concentration compared with other crypto-equity ETFs.
Bitcoin Spot ETF approval by the SEC opens the door for Bitcoin to become a mainstream asset class. With Bitcoin moving higher in anticipation of a Spot ETF, the miners should join the party. The Valkyrie Bitcoin Miners ETF is a preferred ETF to capitalize on the potential rise in Bitcoin.
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