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Seeking Alpha 2023-01-17 13:30:15

Bitcoin and blockchain ETFs move higher than their pre-FTX collapse prices

Bitcoin ( BTC-USD ) moved higher on Tuesday morning by another 2% , taking the crypto asset north of $21K, and higher than its pre-FTX collapse price. Rising alongside the digital token were Wall Street’s Bitcoin strategy exchange traded funds along with other blockchain focused funds that have ties to the cryptocurrency. Of the group of Bitcoin strategy ETFs, the popular ProShares Bitcoin Strategy ETF ( NYSEARCA: BITO ), Valkyrie Bitcoin Strategy ETF ( BTF ), and the VanEck Bitcoin Strategy ETF ( XBTF ) all now trade higher than when Sam Bankman-Fried’s FTX declared bankruptcy on November 11. Also, above the price threshold includes blockchain based funds such as the Amplify Transformational Data Sharing ETF ( NYSEARCA: BLOK ), Bitwise Crypto Industry Innovators ETF ( BITQ ), Global X Blockchain ETF ( NASDAQ: BKCH ), and the VanEck Digital Transformation ETF ( DAPP ). Bitcoin has surged to kick off the 2023 trading year as the crypto asset has now jumped 28% to start off the month of January and crossed above both its 100- and 200-day moving averages. Early into trading and Bitcoin looks to end positive once again on Tuesday which will mark the digital currency’s ninth positive session out of its past 10. In broader financial news, stock index futures pointed to a lower open on Tuesday as earnings season ramps up and a number of indicators are packed into the holiday-shortened week.

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