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Monthly Bitcoin ETF Tracker: Analysing Market Performance

Bitcoin ETFs are making waves right now, with the US SEC recently greenlighting around 11 Bitcoin Spot ETFs, including those from BlockRock, Fidelity and Invesco.

In this report, we delve into a comprehensive analysis of how Bitcoin ETFs have performed this month, using top-notch data sources. Our focus is not just on spot ETFs but also extends to Bitcoin Futures ETFs. Join us as we explore the performance trends, offering a detailed look at the current state of Bitcoin ETFs in the market. 

This monthly report aims to provide a clear and straightforward understanding of the latest developments in the world of Bitcoin Exchange-Traded Funds. 

1. Bitcoin Futures ETF In-Depth Analysis 

At the time of writing this report, ProShares Bitcoin Strategy ETF, VanECk Bitcoin Strategy ETF, Valkyrie Bitcoin and Ether Strategy ETF, Global X Blockchain & Bitcoin Strategy ETF, and Ark/21 Shares are the top players in the Bitcoin Futures ETF market, on the basis of Asset Under Management. 

Bitcoin Futures ETF AUM
ProShares Bitcoin Strategy ETF $2.28B
VanEck Bitcoin Strategy ETF $58.30M
Valkyrie Bitcoin and Ether Strategy ETF $38.20M
Global X Blockchain & Bitcoin Strategy ETF $26.10M
Ark/21 Shares  $8.01M
Bitcoin Futures ETF by AUM

ProShares Bitcoin Strategy ETF leads in Bitcoin futures with a substantial $2.28 billion in Asset Under Management (AUM). In comparison, VanEck Bitcoin Strategy ETF follows with $58.30 million, trailed by Valkyrie Bitcoin and Ether Strategy ETF at $38.20 million, Global X Blockchain & Bitcoin Strategy ETF at $26.10 million, and ARK/21 Shares with $8.01 million AUM.  

Let’s analyse these top players deeply using various parameters.  

1.1. Bitcoin Futures ETF: A Basic Data Overview

Bitcoin Futures ETF Price  Volume  1 Month Average Volume AUM Shares
ProShares Bitcoin Strategy ETF $19.39 26,299,600 28,165,564 $2.28B 93.3M
VanEck Bitcoin Strategy ETF $36.79 51,400 51,295 $58.30M 1.3M
Valkyrie Bitcoin and Ether Strategy ETF $13.13 117,400 141,276 38.20M 2.8M
Global X Blockchain & Bitcoin Strategy ETF $43.88 3,400 17,100 $26.10M 0.3M
Ark/21 Shares  $39.66 7,400 33,200 $8.01M 0.3M
Bitcoin Futures ETF Overview

1.2. Bitcoin Futures ETF Monthly Average Volume Analysis 

Bitcoin Futures ETF Monthly Average Volume Analysis
Bitcoin Futures ETF 1 Month Average Volume
ProShares Bitcoin Strategy ETF 28,165,564
VanEck Bitcoin Strategy ETF 51,295
Valkyrie Bitcoin and Ether Strategy ETF 141,276
Global X Blockchain & Bitcoin Strategy ETF 17,100
Ark/21 Shares  33,200
Bitcoin Futures ETF by Volume

Among the top five Bitcoin Futures ETF with high AUM, ProShares Bitcoin Strategy ETF leads with a robust 1-month average volume of 28,165,564. It is followed by Valkyrie Bitcoin and Ether Strategy ETF (141, 276), VanEck Bitcoin Strategy ETF (51,295), Ark/21 Shares (33,200), and Global X Blockchain & Bitcoin Strategy ETF (17,100). Higher average volumes signal increased market activity, reflecting strong investor interest in these ETFs. 

1.3. Bitcoin Futures ETF Expense Ratio Analysis 

Bitcoin Futures ETF Expense Ratio Analysis
Bitcoin Futures ETF Expense Ratio
ProShares Bitcoin Strategy ETF 0.95%
VanEck Bitcoin Strategy ETF 0.76%
Valkyrie Bitcoin and Ether Strategy ETF 1.20%
Global X Blockchain & Bitcoin Strategy ETF 0.65%
Ark/21 Shares  0.70%
Bitcoin Futures ETF by Expense Ratio

Examining the expense ratios of top Bitcoin Futures ETFs by AUM reveals varied cost structures. Valkyrie Bitcoin and Ether Strategy ETF carries the highest expense ratio at 1.20%, potentially impacting investor returns, Meanwhile, Global X Blockchain & Bitcoin Strategy ETF boasts a competitive 0.65% ratio. Considering these expense ratios, alongside performance metrics, can help investors develop cost efficient investment strategies. 

1.4. Bitcoin Futures ETF Performance Analysis 

Bitcoin Futures ETF Performance Analysis
Bitcoin Futures ETF 1 Month Return
ProShares Bitcoin Strategy ETF -2.51%
VanEck Bitcoin Strategy ETF -1.81%
Valkyrie Bitcoin and Ether Strategy ETF +5.34%
Global X Blockchain & Bitcoin Strategy ETF -11.38%
Ark/21 Shares  -2.26%
Bitcoin Futures ETF by 1 Month Return

Recent performance highlights disparities among top Bitcoin Futures ETFs by AUM. Valkyrie Bitcoin and Ether Strategy ETF outshines others with a positive 1-month return of +5.34%, suggesting relative strength in its underlying assets. Conversely, Global X Blockchain & Bitcoin Strategy ETF faces a notable -11.38% return, indicating a period of underperformance. Investors should evaluate these returns in conjunction with other metrics for a comprehensive assessment. 

1.5. Bitcoin Futures ETF One Month Net Fund Flow Analysis 

Bitcoin Futures ETF One Month Net Fund Flow Analysis
Bitcoin Futures ETF One Month Net Fund Flow
ProShares Bitcoin Strategy ETF +352.37M
VanEck Bitcoin Strategy ETF -17.75M
Valkyrie Bitcoin and Ether Strategy ETF +3.59M
Global X Blockchain & Bitcoin Strategy ETF -2.75M
Ark/21 Shares  +6.44M
Bitcoin Futures ETF by Net Fund Flow

Analysing One-Month Net Fund Flow in top Bitcoin Futures ETFs reveals diverse investor activity. ProShares Bitcoin Strategy ETF leads with a substantial inflow of +352.37M, signalling strong investor interest. Valkyrie Bitcoin and Ether Strategy, and Ark/21 Shares also saw positive flow at +3.59M, and +6.44M, respectively. However, VanEck Bitcoin Strategy ETF, and Global X Blockchain & Bitcoin Strategy ETF experienced negative flows of -17.75M, and -2.75M, respectively. Analysing One-Month Net Fund Flow is crucial for Bitcoin Futures ETF analysis as it measures investor sentiment and fund popularity. Positive flows suggest strong interest, while negative flows may indicate potential concerns or shifts in market sentiment. 

1.6. Bitcoin Futures ETF Technical Analysis 

Bitcoin Futures ETF Price  RSI (30 Days) 20 Day Moving Average MACD (15 Days) Williams % Range (20 Days)
ProShares Bitcoin Strategy ETF $19.39 52 $21.30 -1.22 85.49
VanEck Bitcoin Strategy ETF $36.79 52 $39.91 -2.04 88.01
Valkyrie Bitcoin and Ether Strategy ETF $13.13 55 $13.85 -0.19 72.20
Global X Blockchain & Bitcoin Strategy ETF $43.88 49 $52.69 -7.25 90.58
Ark/21 Shares  $39.66 54 $43.58 -2.43 85.33
Bitcoin Futures ETF Technical Analysis

Analysing the technical indicators for the top five Bitcoin Futures ETFs by AUM reveals insightful trends.

Starting with the ProShares Bitcoin Strategy ETF, it presents a neutral stance with an RSI of 52. However, the 20-day moving average at $21.30 is above the current price of $19.39, accompanied by a negative MACD of -1.22 and a high Willams % Range of 85.49. These factors collectively suggest a potential bearish trend.

The VanEck Bitcoin Strategy ETF follows a similar pattern, indicating a neutral RSI of 52. The 20-day moving average is at $39.91, slightly higher than the current price of $36.79, with a negative MACD of -2.04 and a William % Range of 88.01, pointing towards a potential bearish momentum. 

Contrarily, the Valkyrie Bitcoin and Ether Strategy ETF show a relatively stronger position with an RSI of 55 and a 20-day moving average at $13.85, which is above the current price of $13.13. The MACD is slightly negative at -0.19 and the Williams % Range at 72.20 suggests a more balanced market sentiment.

The Global X Blockchain & Bitcoin Strategy ETF exhibits a bearish scenario with an RSI of 49. The 20-day moving average is at $52.69, considerably higher than the current price of $43.88. A negative MACD of -7.25 and a higher Willams % Range of 90.58 indicate a potential oversold condition and a bearish trend.  

Finally, Ark/21 Shares present a neutral-to-bullish stance with an RSI of 54. The 20-day moving average is at $43.58, slightly above the current price of $38.66. The negative MACD of -2.43 and Williams % Range of 85.33 suggests caution, indicating a possible corrective phase. 

2. Bitcoin Spot ETF In-Depth Analysis 

At the time of writing this report, Grayscale Bitcoin Trust, iShare Bitcoin Trust, Wise Origin Bitcoin Trust by Fidelity, Bitwise Bitcoin ETP, and Ark/21 Shares Bitcoin Trust are the top players in the Bitcoin Spot ETF market on the basis of Asset Under Management.   

Bitcoin Spot ETF AUM
Grayscale Bitcoin Trust $22.94B
iShare Bitcoin Trust $1.40B
Wise Origin Bitcoin Trust by Fidelity $1.26B
Bitwise Bitcoin ETP $425.40M
Ark/21 Shares Bitcoin Trust $379.60M
Bitcoin Spot ETF by AUM

Grayscale Bitcoin Trust leads Bitcoin spot ETFs with a substantial $22.94 billion in Asset Under Management (AUM). Following behind are iShare Bitcoin Trust at $1.40 billion, Wise Origin Bitcoin Trust by Fidelity with $1.26 billion, Bitwise Bitcoin ETP at $425.40 million, and Ark/21 Shares Bitcoin Trust at $379.60 million AUM. 

Let’s analyse these top players using various parameters.  

2.1. Bitcoin Spot ETF: A Basic Data Overview 

Bitcoin Spot ETF Price  Volume  AUM Shares
Grayscale Bitcoin Trust $35.82 30,142,100 $22.94B 634.2M
iShare Bitcoin Trust $22.95 17,222,000 $1.40B 50.2M
Wise Origin Bitcoin Trust by Fidelity $35.18 11,640,300 $1.26B 28.4M
Bitwise Bitcoin ETP $21.97 2,279,900 $425.40M 16.1M
Ark/21 Shares Bitcoin Trust $40.21 3,238,200 $379.60M 7.6M
Bitcoin Spot ETF Overview

2.2. Bitcoin Spot ETF Average Volume Analysis 

Bitcoin Spot ETF 10 Day Average Volume
Grayscale Bitcoin Trust 18.17M
iShare Bitcoin Trust 9.58M
Wise Origin Bitcoin Trust by Fidelity 6.26M
Bitwise Bitcoin ETF 1.63M
Ark/21 Shares Bitcoin Trust 1.51M
Bitcoin Spot ETF by Volume

Examining the 10-day Average Volume of prominent Bitcoin Spot ETFs by AUM, Grayscale Bitcoin Trust leads with 18.17M, indicating robust market activity. iShare follows with 9.58M, while Wise Origin Bitcoin Trust by Fidelity, Bitwise Bitcoin ETF, and Ark/21 Shares Bitcoin Trust report 6.26M, 1.63M, and 1.51M, respectively. Higher average volumes generally signify increased liquidity and investor interest. Investors seeking active markets may find Grayscale Bitcoin Trust and iShare more favourable due to their higher volumes, allowing for smoother transactions.

2.3. Bitcoin Spot ETF Expense Ratio Analysis 

Bitcoin Spot ETF Fees Expense Ratio
Grayscale Bitcoin Trust 1.50% 1.50%
iShare Bitcoin Trust 0.25% 0.25%
Wise Origin Bitcoin Trust by Fidelity 0.25% 0.25%
Bitwise Bitcoin ETP 0.20% 0.20%
Ark/21 Shares Bitcoin Trust 0.21% 0.21%
Bitcoin Spot ETF Fees and Expense Ratio

Among the top Bitcoin Spot ETFs by AUM, Grayscale Bitcoin Trust Charges the highest fee at 1.50%, followed by iShare and Wise Origin Bitcoin Trust by Fidelity, both with a 0.25% fee. Bitwise Bitcoin ETP offers a relatively lower fee of 0.20%, making it an attractive option for cost-conscious investors. 

Notably, iShare presents a temporary 0.12% discount for the first $5 billion in assets during the initial 12 months post-launch. Additionally, Arl/21 Shares maintains zero fees for the first six months or until reaching $1 billion in assets, further enhancing investor incentives. 

It is important to consider fee structure to optimise investment returns.  

2.4. Bitcoin Spot ETF Performance Analysis

Bitcoin Spot ETF One Month Return
Grayscale Bitcoin Trust +7.15%
iShare Bitcoin Trust -10.63%
Wise Origin Bitcoin Trust by Fidelity -10.74%
Bitwise Bitcoin ETP -11.00%
Ark/21 Shares Bitcoin Trust -10.76%
Bitcoin Spot ETF One Month Return

Analysing the One-Month Return of top Bitcoin Spot ETFs by AUM reveals varied performance. Grayscale Bitcoin Trust led with a positive return of +7.15%, showcasing strength. However, iShare, Wise Origin Bitcoin Trust, Bitwise Bitcoin ETO, and Ark/21 Shares Bitcoin Trust experienced negative returns of -10.63%, -10.74%, -11.00%, and -10.76%, respectively. The negative trend may be attributed to market fluctuations. Diversification and risk management remain crucial in navigating the volatility associated with ETF investments. 

2.5. Bitcoin Spot ETF Net Fund Flow Analysis

Bitcoin Spot ETF Net Fund Flow
Grayscale Bitcoin Trust -2.12 
iShare Bitcoin Trust +1.30
Wise Origin Bitcoin Trust by Fidelity +1.29 
Bitwise Bitcoin ETF +0.39 
Ark/21 Shares Bitcoin Trust +0.06 
Bitcoin Spot ETF Net Fund Flow

Analysing One-Month Net Fund Flow among top Bitcoin Spot ETFs reveals dynamic investor activity, Grayscale Bitcoin Trust experienced the largest outflow at -2.12B, while iShare, Wise Origin Bitcoin Trust, Bitwise Bitcoin ETF, and Ark/21 Shares reported positive flows of +1.32B, +1.29B, +369.75M, and +60.42M respectively. The goal of the analysis is to understand investor sentiment, fund popularity, and potential market trends. Positive flows indicate investor confidence, while negative flows may signal concerns or changing preferences.

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