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Bitcoin Strategy ETFs lead all exchange traded funds Friday afternoon as Bitcoin (BTC-USD) retakes the $40K price marker, up 11.6% on the session.
Catching a bid from the move are ProShares Bitcoin Strategy ETF (NYSEARCA:BITO), Valkyrie Bitcoin Strategy ETF (NASDAQ:BTF), and the VanEck Bitcoin Strategy ETF (BATS:XBTF), up 12.5%, 11.8%, and 11.8%, respectively.
The space observes bullish support as tech-related stocks are rising due to strong earnings from specific names like Amazon (NASDAQ:AMZN) and Snap (NYSE:SNAP). The Nasdaq, which correlates well with Bitcoin, has seen a strong move upwards, supporting the cryptocurrency market.
BITO, BTF, and XBTF each provide investors with a pure-play approach to the Bitcoin marketplace by accessing Bitcoin futures inside of an ETF wrapper.
While prices have spiked on Friday, the crypto ETF landscape is still down on the year, with BITO down 13.8%, BTF -13.9%, and XBTF is -13.4%. Moreover, Bitcoin is -11.6% in 2022 and still off 40.9% from its all-time trading high of 69K back in mid-Nov. of 2021.
In other crypto-related news, the U.S. Securities and Exchange Commission has delayed its decision on the Bitwise Bitcoin ETP filing from Bitwise Asset Management earlier this week.
