For investors seeking momentum, Bitwise Bitcoin Strategy Optimum Roll ETF BITC is probably on the radar. The fund just hit a 52-week high and soared 129% from its 52-week low of $30.25 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:
BITC in Focus
Bitwise Bitcoin Strategy Optimum Roll ETF provides directional exposure to bitcoin via regulated futures contracts and seeks to maximize potential roll returns through a selective analysis of bitcoin futures beyond front or near-month contracts. The fund does not invest directly in Bitcoin. It charges 85 bps in annual fees (see: all the Cryptocurrency ETFs here).
Why the Move?
Bitcoin has been an area to watch lately, given the rise in crypto. The rally in the world's largest cryptocurrency is showing no signs of slowdown since Donald Trump’s victory in the presidential election spurred excitement about the digital currency. Bitcoin surged past $97,000 for the first time and is approaching the $100,000 milestone. MicroStrategy’s (MSTR) plans to accelerate Bitcoin purchases and the introduction of options trading on U.S.-listed Bitcoin ETFs added to the strength.
More Gains Ahead?
BITC might remain strong, given its weighted alpha of 118.32 and lower 20-day volatility of 61.3%. There is still some promise for investors who want to ride on this surging ETF.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
