Enter the realm of Bitcoin ETFs, a burgeoning trend that recently gained significant momentum, particularly following the recent approval by the US SEC of approximately 11 Bitcoin Spot ETFs.
The monthly analysis, which delves deep into the performance of both Bitcoin Futures ETS and Spot ETFs, aims to provide invaluable insights for all, including newcomers. This dissects key metrics, including one-month average volume, expense ratio, one-month return, and net fund flow. But that is not all – this exploration goes beyond the numbers, offering an in-depth technical analysis to unveil hidden insights.
Get ready to gain a deeper understanding of the ETF landscape.
1. Bitcoin Futures ETF In-Depth Analysis
At the time of performing this analysis, BITO, XBTF, BTF, BITS, ARKA, DEFI, BITC, BETH, BETE, ARKC, and ARKY are the prominent players in the Bitcoin Futures ETF market.
Bitcoin Futures ETFAUMProShares (BITO) $598.78MVanEck (XBTF)$42.41MValkyrie (BTF)$38.20MGlobal X (BITS)$26.10MArk/21 Shares (ARKA)$8.01MHashdex (DEFI)$5.00MBitwise (BITC)$4.55MProShares (BETH)$4.43MProShares (BETE)$2.45MArk/21 Shares (ARKC)$1.20MArk/21 Shares (ARKY)$614.70K
Among them, BITO, XBTF, BTF, BITS, ARKA, DEFI, and BITC are the top seven Bitcoin Futures ETFs, on the basis of Asset Under Management.
Let’s analyse these top Bitcoin Futures ETFs deeply using various parameters.
1.1. Bitcoin Futures ETF: A Basic Data Overview
This basic data overview gives an overall picture of the top player’s performance.
Bitcoin Futures ETFPrice Volume 1 Month Average VolumeAUMSharesProShares (BITO) $30.1123,632,10029,578,224$598.78M94.5MVanEck (XBTF)$39.2251,752$42.41M1.1MValkyrie (BTF)$19.9287,600100,309$38.20M2.8MGlobal X (BITS)$69.3515,90017,705$26.10M0.4MArk/21 Shares (ARKA)$64.282,7009,136$8.01M0.3MHashdex (DEFI)$75.9612,0009,645$5.00M0.4MBitwise (BITC)$51.3811,70018,295$4.55M0.1M
Let’s go beyond what the basic data communicates.
1.2. Bitcoin Futures ETF Monthly Average Volume Analysis
Bitcoin Futures ETF1 Month Average VolumeProShares (BITO) 29,578,224VanEck (XBTF)51,752Valkyrie (BTF)100,309Global X (BITS)17,705Ark/21 Shares (ARKA)9,136Hashdex (DEFI)9,645Bitwise (BITC)18,295
In the Bitcoin Futures ETF Monthly Average Volume Analysis, ProShares (BITO) emerges as the dominant player, boasting 29,578,224 trades on average per month. VanEck (XBTF) follows with a significantly lower volume of 51,752 trades. Valkyrie (BTF) maintains a moderate volume at 100,309 trades.
Meanwhile, Bitwise (BITC), Global X (BITS), and Hashdex (DEFI) exhibit relatively lower activity, recording 18,295, 17,705, and 9,645 trades respectively. Ark/21 Shares (ARKA) trails with 9,136 trades on average per month.
1.3. Bitcoin Futures ETF Expense Ratio Analysis
The below data compares the cost efficiency of a Bitcoin Futures ETF to its peers.
Bitcoin Futures ETFExpense Ratio (in %)ProShares (BITO) 0.95%VanEck (XBTF)0.76%Valkyrie (BTF)1.24%Global X (BITS)0.65%Ark/21 Shares (ARKA)0.70%Hashdex (DEFI)0.94%Bitwise (BITC)0.85%
In the Bitcoin Futures ETF Expense Ratio Analysis, Valkyrie (BTF) holds the highest expense ratio at 1.24%, indicating higher costs of investors. ProShares (BITO) follows closely with a 0.95% ratio. Hashdex (DEFI) and Bitwise (BITC) stand at 0.94% and 0.85% respectively. VanEck (XBTF) maintains a moderate ratio of 0.76%. Ark/21 Shares (ARKA) and Global X (BITS) present lower expense ratios of 0.70% and 0.65% respectively, suggesting relatively more cost-effective options.
1.4. Bitcoin Futures ETF Performance Analysis
This data shows how a Bitcoin Futures ETF has performed relative to its peers this month.
Bitcoin Futures ETF1 Month Return (in %)ProShares (BITO) +22.58%VanEck (XBTF)-0.83%Valkyrie (BTF)+20.77%Global X (BITS)+3.62%Ark/21 Shares (ARKA)+23.16%Hashdex (DEFI)+20.73%Bitwise (BITC)+22.78%
In the Bitcoin Futures ETF Performance Analysis, ARK/21 Shares (ARKA) emerges as the frontrunner with an impressive one-month return of +23.16%.
Following closely, Bitwise (BITC) and ProShares (BITO) exhibit strong performances at +22.78% and +22.58% respectively. Valkyrie (BTF) and Hashdex (DEFI) also demonstrate robust returns, both exceeding 20%.
Conversely, Global X (BITS) shows a modest return of +3.62%, while VanEck (XBTF) records a slight decline with -0.83%.
1.5. Bitcoin Futures ETF One Month Net Fund Flow Analysis
Bitcoin Futures ETFOne Month Net Fund FlowProShares (BITO) +189.47MVanEck (XBTF)-11.49MValkyrie (BTF)+4.9MGlobal X (BITS)+4.03MArk/21 Shares (ARKA)+1.77MHashdex (DEFI)+0.61553MBitwise (BITC)+5.32M
In the Bitcoin Futures ETF One Month Net Fund Flow Analysis, ProShares (BITO) commands the highest influx with an impressive +$189.47 million. Following suit, Bitwise (BITC) and Valkyrie (BTF) attract +$5.32 million and +$4.9 million respectively.
Global X (BITS) also experiences a positive flow of +$4.03 million. Conversely, VanEck (XBTF) records the most significant outflow at -$11.49 million. Ark/21 Shares (ARKA) and Hashdex (DEFI) show modest yet positive inflows.
1.6. Bitcoin Futures ETF Technical Analysis
Bitcoin Futures ETFWilliams % Range (20 Days)MACD (15 Days)20 Day Moving AverageRSI (30 Days)20 Day VolatilityPrice ProShares (BITO) 41.79-1.36$29.216069.25%$30.11VanEck (XBTF)50.58+0.54$39.195442.50%$39.22Valkyrie (BTF)52.10-1.48$20.155869.10%$19.92Global X (BITS)58.92-3.32$66.475676.02%$69.35Ark/21 Shares (ARKA)40.04-2.66$62.226169.86%$64.28Hashdex (DEFI)44.61-3.55$74.006067.80%$75.96Bitwise (BITC)41.29-2.27$49.856070.98%$51.38
In the Bitcoin Futures ETF Technical Analysis, a comprehensive examination of various metrics offers insights into each ETF’s performance and market dynamics.
Price data reveals a spectrum of values across ETFs. Hashdex (DEFI) commands the highest price at $75.96, reflecting investor confidence, while Valkyrie (BTF) presents the lowest price at $19.92, indicating potential undervaluation or weaker market sentiment.
Volatility, as indicated by the 20-day Volatility percentage, portrays Global X (BITS) as the most volatile at 76.02%, suggesting greater price swings and potentially higher risk. Meanwhile, VanEck (XBTF) displays relatively lower volatility at 42.50%, indicating steadier price movements.
The Relative Strength Index (RSI) over 30 days illustrates market momentum and whether an ETF is overbought or oversold. Ark/21 Shares (ARKA) exhibits the highest RSI at 61, signalling potential overbought conditions, while VanEck (XBTF) shows a lower RSI at 54, indicating relatively less overbought status.
Moving Averages, such as the 20-day Moving Average, provide insights into price trends. Most ETFs have prices above the 20-day moving average, except Valkyrie, with a 20-day moving average at $20.15 and a current price at $19.92. This discrepancy suggests potential weakness in Valkyrie’s price trend.
The Moving Average Convergence Divergence (MACD) measures momentum and trend strength. Negative MACD values for most ETFs suggest bearish signals, except for VanECK (XBTF), indicating potential divergence in trend direction.
The Williams % Range evaluates overbought or oversold conditions, with lower values indicating potential oversold conditions. Ark/21 Shares (ARKA) presents the lowest Williams % Range at 40.04%, suggesting possible oversold levels.
2. Bitcoin Spot ETF In-Depth Analysis
At the time of doing this analysis, GBTC, IBIT, FBTC, BTCO, ARKB, BITB, HODL, BRRR, EZBC, and BTCW are the prominent players in the Bitcoin Spot ETF market.
Bitcoin Spot ETFAUMGrayscale (GBTC)$27.68BBlackRock (IBIT)$15.42BFidelity (FBTC) $9.19BInvesco/Galaxy (BTCO)$3.69BArk/21 Shares (ARKB)$2.80BBitwise (BITB)$2.01BVanEck (HODL)$0.5158BValkyrie (BRRR)$0.4388BFranklin Templeton (EZBC) $0.2115BWisdomTree (BTCW)$0.0748B
Among them, GBTC, IBIT, FBTC, BTCO, ARKB, BITB, HODL, and BRRR are the top eight Bitcoin Spot ETFs based on Asset Under Management.
Let’s analyse these top Bitcoin Spot ETFs using various parameters.
2.1. Bitcoin Spot ETF: A Basic Data Overview
This basic data overview offers an overall picture of the top player’s performance.
Bitcoin Spot ETFPrice Volume 1 Month Average VolumeSharesAUMGrayscale (GBTC)$58.7521,844,40022,406,482424.1M$27.68BBlackRock (IBIT)$37.5571,309,20355,696,752416.6M$15.42BFidelity (FBTC) $57.5918,122,40016,855,732154.3M$9.19BInvesco/Galaxy (BTCO)$65.931,023,900940,5915.2M$3.69BArk/21 Shares (ARKB)$65.925,531,8004,023,42739.8M$2.80BBitwise (BITB)$35.943,981,8004,215,94154.2M$2.01BVanEck (HODL)$74.60500,400947,6957.0M$515.80MValkyrie (BRRR)$18.691,115,600630,27322.6M$438.80M
Let’s go beyond what the basic data conveys.
2.2. Bitcoin Spot ETF Average Volume Analysis
Bitcoin Spot ETF1 Month Average VolumeGrayscale (GBTC)22,406,482BlackRock (IBIT)55,696,752Fidelity (FBTC) 16,855,732Invesco/Galaxy (BTCO)940,591Ark/21 Shares (ARKB)4,023,427Bitwise (BITB)4,215,941VanEck (HODL)947,695Valkyrie (BRRR)630,273
In the Bitcoin Spot ETF Average Volume Analysis, BlackRock (IBIT) commands the market with an impressive monthly average volume of 55,696,752 trades. Grayscale (GBTC) follows suit with 22,406,482 trades, while Fidelity (FBTC) maintains a significant volume of 16,855,732 trades.
Bitwise (BITB) and Ark/21 Shares (ARKB) exhibit lower yet notable volumes at 4,215,941 and 4,023,427 trades respectively. VanEck (HODL) and Invesco/Galaxy (BTCO) demonstrate even lower activity, with Valkyrie (BRR) recording the least volume.
2.3. Bitcoin Spot ETF Expense Ratio Analysis
The below data compares the cost efficiency of a Bitcoin Spot ETF to its peers.
Bitcoin Spot ETFExpense Ratio (in %)Grayscale (GBTC)1.50%BlackRock (IBIT)0.12%Fidelity (FBTC) N/AInvesco/Galaxy (BTCO)0.39%Ark/21 Shares (ARKB)0.21%Bitwise (BITB)0.20%VanEck (HODL)0.25%Valkyrie (BRRR)0.25%
In the Bitcoin Spot ETF Expense Ratio Analysis, Grayscale (GBTC) presents the highest expense ratio at 1.50%, indicating relatively higher costs for investors. Following, Invesco/Galaxy (BTCO) stands at 0.39%, while both VanEck (HODL) and Valkyrie (BRR) share a ratio of 0.25%. Ark/21 Shares (ARKB) and Bitwise (BITB) exhibit ratios of 0.21% and 0.20% respectively. BlackRock (IBIT) maintains the lowest ratio among them all, at 0.12%.
2.4. Bitcoin Spot ETF Performance Analysis
This data shows how a Bitcoin Spot ETF has performed relative to its peers this month.
Bitcoin Spot ETFOne Month ReturnGrayscale (GBTC)24.05%BlackRock (IBIT)23.90%Fidelity (FBTC) 24.04%Invesco/Galaxy (BTCO)23.91%Ark/21 Shares (ARKB)23.94%Bitwise (BITB)23.99%VanEck (HODL)23.91%Valkyrie (BRRR)24.05%
In the Bitcoin Spot ETF Performance Analysis, Grayscale (GBTC), Valkyrie (BRR), and Fidelity (FBTC) demonstrate robust performance with a one-month return of around 24.05%. Bitwise (BITB) closely follows at 23.99%, showcasing strong market performance.
Ark/21 Shares (ARKB) and Invesco/Galaxy (BTCO) exhibit similarly impressive returns at 23.94% and 23.91% respectively. VanEck (HODL) and BlackRock (IBIT) round out the analysis with solid returns of around 23.90%, reflecting positive trends across the board.
2.5. Bitcoin Spot ETF Net Fund Flow Analysis
Bitcoin Spot ETF1 Month Net Fund FlowGrayscale (GBTC)-4940MBlackRock (IBIT)+7790MFidelity (FBTC) +3220MInvesco/Galaxy (BTCO)-66.5MArk/21 Shares (ARKB)+787.78MBitwise (BITB)+471.82MVanEck (HODL)+294.54MValkyrie (BRRR)+239.26M
In the Bitcoin Spot ETF Net Fund Flow Analysis, BlackRock (IBIT) leads with a significant influx of +$7790 million, indicating strong investor interest. Fidelity (FBTC) follows closely with +$3220 million, while Ark/21 Shares (ARKB) attracts +$787.78 million.
Bitwise (BITB) and VanEck (HODL) also experience positive flows of +$471.82 million and +$294.54 million respectively, showcasing healthy investor confidence. Conversely, Grayscale (GBTC) and Invesco/Galaxy (BTCO) witness outflows of -$4940 million and -$66.5 million respectively.
2.6. Bitcoin Spot ETF Technical Analysis
Bitcoin Spot ETFWilliams % Range (20 Days)MACD (15 Days)20 Day Moving AverageRSI (30 Days)20 Day VolatilityPrice Grayscale (GBTC)40.06-2.40$56.716068.74%$58.75BlackRock (IBIT)40.44-1.56$36.285969.34%$37.55Fidelity (FBTC) 40.15-2.34$55.655768.96%$57.59Invesco/Galaxy (BTCO)40.23-2.73$63.615868.89%$65.93Ark/21 Shares (ARKB)40.12-2.73$63.655768.79%$65.92Bitwise (BITB)40.06-1.47$34.715768.75%$35.94VanEck (HODL)40.31-3.12$72.035769.40%$74.60Valkyrie (BRRR)40.18-0.77$18.045769.30%$18.69
The technical analysis of Bitcoin Spot ETFs unveils intriguing patterns and trends crucial for informed investment decisions.
Examining the price figures, we observe a notable range in values, with the highest price commanded by VanEck’s ETF at $74.60, while Valkyrie trails significantly behind at $18.69.
Volatility emerges as a critical factor, with all ETFs exhibiting high volatility levels, averaging around 68-69%. Such volatility signifies substantial price swings within short periods, indicating a market environment ripe with both risk and opportunity.
Turning to the Relative Strength Index, most ETFs cluster around the mid-range, with Grayscale notably standing out with an RSI of 60, suggesting relatively stronger bullish momentum compared to its counterparts.
Analysing moving averages provides insights into the prevailing trend directions. Most the ETFs show a 20-day moving average below their current price, suggesting a potential uptrend. This indicates consistency between short-term performance and overall trend direction.
Lastly, the Williams % Range offers insights into overbought or oversold conditions. With values around 40% for most ETFs, the market appears to be in a neutral stance, neither overbought nor oversold.
Endnote
As we conclude our monthly analysis of Bitcoin ETFs, we unveil a tapestry of insights into both Bitcoin futures ETFs and Spot ETFs. Through meticulous examination of parameters like one-month average volume, expense ratio, one-month return, and net fund flow, we have illuminated the performance dynamics within these ETFs.
Furthermore, our in-depth technical analysis has revealed hidden patterns and trends, providing a deeper understanding of market movements. As Bitcoin ETFs continue to shape the investment landscape, may this analysis serve as a beacon of guidance for investors, empowering them to navigate the complexities of ETF markets with confidence and clarity.
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