For investors seeking momentum, Valkyrie Bitcoin Strategy ETF BTF is probably on radar. The fund just hit a 52-week high and is up about 111% from its 52-week low price of $7.71 per share.
Are more gains in store for this ETF? Let us 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:
BTF in Focus
Valkyrie Bitcoin Strategy ETF is an actively managed ETF available through Nasdaq. It invests in bitcoin futures contracts and does not provide direct exposure to the price of bitcoin. BTF charges 124 bps in annual fees (see: all the Cryptocurrency ETFs here).
Why the Move?
The cryptocurrency corner of the broad investing world has been an area to watch lately, given Bitcoin’s thrilling ascent. The world’s largest cryptocurrency surged past the $52,000 mark for the first time since December 2021, pushing its market cap back to more than $1 trillion. The surge primarily came on the back of the increasing movement of institutional money into the asset class.
The recent launch of spot Bitcoin ETFs has made it easier for investors to gain exposure to Bitcoin without directly owning the asset, thereby underscoring potential growth of cryptocurrency in mainstream investment platforms.
More Gains Ahead?
BTF might remain strong, given a weighted alpha of 62.71 and a higher 20-day volatility of 46.20%. There is definitely still some promises for investors who want to ride on this surging ETF.
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Valkyrie Bitcoin and Ether Str (BTF): ETF Research Reports