Crypto Markets Benefit From Interest In Bitcoin

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The launch of the first bitcoin futures ETF this week saw bitcoin hit a new high of $ 67,000 yesterday and the second most popular cryptocurrency, ether, surpassing $ 4,000 for the first time since May.

The increased interest and attention in bitcoin and bitcoin futures has caused an increase in interest in cryptocurrencies in general, with many altcoins hitting double-digit highs.

At the height of trading yesterday, the crypto market cap hit $ 2.63 trillion, Cointelegraph reported. Altcoins, supported by activity in space, have reported an increase of nearly 30% in some cases, a ripple effect that has been felt throughout the crypto economy.

OriginTrail (TRAC) recorded the biggest gains at 28.34%; TRAC is a protocol that runs on the ethereum network, and its specialty is using blockchain technology to improve supply chain management and logistics. Kadena (KDA), a business-focused blockchain project, saw growth of 24.11%.

Cartesi (CTSI) was the third biggest altcoin to gain yesterday, rising 23.57%. CTSI is a blockchain protocol that aims to bring together the traditional tools the development community uses with decentralized options that could improve smart contracts and make them widely available.

The increased performance of altcoins and the popularity of bitcoin translates into increased trading volumes with exchanges and continues into the rest of the crypto economy, which Amplify Investments is capturing with its blockchain-focused ETF.

BLOK invests in the Blockchain ecosystem

All of these altcoins and the innovations they represent are backed by the technologies and creators behind blockchain, something the Amplify Transformational Data Sharing (BLOK) ETF invests in.

The fund now exceeds $ 1.4 billion in assets under management and is the largest of the blockchain ETFs, is actively managed and invests in companies that partner or invest directly in companies directly involved in the development and use of blockchain technology. BLOK was also the first blockchain ETF approved by the SEC and launched in 2018. However, the fund does not invest directly in blockchain technology or cryptocurrencies.

BLOK spreads its holdings over all sizes, investing in all market capitalizations. Within the blockchain industry, major allocations include 30.0% transactions, 28.0% crypto miners, and 10% businesses, at the end of September. BLOK invests in the blockchain landscape, in miners, exchanges and developers.

Major holdings include Hut 8 Mining Corp, a cryptocurrency mining company focused on bitcoin mining, at 6.17%; Marathon Digital Holdings (MARA) at 6.02%; and Microstrategy Inc (MSTR), a business intelligence and data analysis platform, at 5.91%.

BLOK has an expense ratio of 0.71% and currently owns 47 stakes.

For more news, information, and strategy, visit Crypto Channel.

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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.

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