Insights into Performance Trends: Bitcoin ETF March Monthly Report
Step into the world of Bitcoin ETFs, an emerging trend that has gained significant momentum, especially after the recent approval of approximately 11 Bitcoin Spot ETFs by the US SEC.
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This monthly analysis aims to provide valuable insights for everyone, including newcomers, by delving deep into the performance of both Bitcoin Futures ETFs and Spot ETFs. It dissects key metrics such as one-month average volume, expense ratio, one-month return, and net fund flow. But it goes beyond the numbers, offering a detailed technical analysis to reveal hidden insights.
Prepare to gain a deeper understanding of the ETF landscape.
1. In-Depth Analysis of Bitcoin Futures ETFs
At the time of this analysis, the prominent players in the Bitcoin Futures ETF market are BITO, XBTF, BTF, BITS, ARKA, DEFI, BITC, BETH, BETE, ARKC, and ARKY.
Bitcoin Futures ETF
AUM
ProShares (BITO)
$598.78M
VanEck (XBTF)
$42.41M
Valkyrie (BTF)
$38.20M
Global X (BITS)
$26.10M
Ark/21 Shares (ARKA)
$8.01M
Hashdex (DEFI)
$5.00M
Bitwise (BITC)
$4.55M
ProShares (BETH)
$4.43M
ProShares (BETE)
$2.45M
Ark/21 Shares (ARKC)
$1.20M
Ark/21 Shares (ARKY)
$614.70K
Among them, BITO, XBTF, BTF, BITS, ARKA, DEFI, and BITC are the top seven Bitcoin Futures ETFs based on Asset Under Management.
Let’s analyze these top Bitcoin Futures ETFs in-depth using various parameters.
1.1. Basic Data Overview of Bitcoin Futures ETFs
This overview provides a general picture of the top players’ performance.
Bitcoin Futures ETF
Price
Volume
1 Month Average Volume
AUM
Shares
ProShares (BITO)
$30.11
23,632,100
29,578,224
$598.78M
94.5M
VanEck (XBTF)
$39.22
51,752
$42.41M
1.1M
Valkyrie (BTF)
$19.92
87,600
100,309
$38.20M
2.8M
Global X (BITS)
$69.35
15,900
17,705
$26.10M
0.4M
Ark/21 Shares (ARKA)
$64.28
2,700
9,136
$8.01M
0.3M
Hashdex (DEFI)
$75.96
12,000
9,645
$5.00M
0.4M
Bitwise (BITC)
$51.38
11,700
18,295
$4.55M
0.1M
Let’s delve beyond the basic data.
1.2. Monthly Average Volume Analysis of Bitcoin Futures ETFs
Bitcoin Futures ETF
1 Month Average Volume
ProShares (BITO)
29,578,224
VanEck (XBTF)
51,752
Valkyrie (BTF)
100,309
Global X (BITS)
17,705
Ark/21 Shares (ARKA)
9,136
Hashdex (DEFI)
9,645
Bitwise (BITC)
18,295
In the analysis of monthly average volume of Bitcoin Futures ETFs, ProShares (BITO) emerges as the dominant player with an average of 29,578,224 trades per month. VanEck (XBTF) follows with significantly lower volume of 51,752 trades. Valkyrie (BTF) maintains a moderate volume of 100,309 trades.
Meanwhile, Bitwise (BITC), Global X (BITS), and Hashdex (DEFI) exhibit relatively lower activity, with 18,295, 17,705, and 9,645 trades respectively. Ark/21 Shares (ARKA) trails with an average of 9,136 trades per month.
1.3. Expense Ratio Analysis of Bitcoin Futures ETFs
The following data compares the cost efficiency of a Bitcoin Futures ETF to its peers.
Bitcoin Futures ETF
Expense Ratio (in %)
ProShares (BITO)
0.95%
VanEck (XBTF)
0.76%
Valkyrie (BTF)
1.24%
Global X (BITS)
0.65%
Ark/21 Shares (ARKA)
0.70%
Hashdex (DEFI)
0.94%
Bitwise (BITC)
0.85%
In the analysis of expense ratios of Bitcoin Futures ETFs, Valkyrie (BTF) has the highest expense ratio at 1.24%, indicating higher costs for investors. ProShares (BITO) follows closely with a ratio of 0.95%. Hashdex (DEFI) and Bitwise (BITC) have ratios of 0.94% and 0.85% respectively. VanEck (XBTF) maintains a moderate ratio of 0.76%. Ark/21 Shares (ARKA) and Global X (BITS) have lower expense ratios of 0.70% and 0.65% respectively, suggesting relatively more cost-effective options.
1.4. Performance Analysis of Bitcoin Futures ETFs
This data shows how a Bitcoin Futures ETF has performed compared to its peers this month.
Bitcoin Futures ETF
1 Month Return (in %)
ProShares (BITO)
+22.58%
VanEck (XBTF)
-0.83%
Valkyrie (BTF)
+20.77%
Global X (BITS)
+3.62%
Ark/21 Shares (ARKA)
+23.16%
Hashdex (DEFI)
+20.73%
Bitwise (BITC)
+22.78%
In the performance analysis of Bitcoin Futures ETFs, ARK/21 Shares (ARKA) emerges as the frontrunner with an impressive one-month return of +23.16%.
Following closely, Bitwise (BITC) and ProShares (BITO) exhibit strong performances at +22.78% and +22.58% respectively. Valkyrie (BTF) and Hashdex (DEFI) also demonstrate robust returns, both exceeding 20%.
Conversely, Global X (BITS) shows a modest return of +3.62%, while VanEck (XBTF) records a slight decline with -0.83%.
1.5. Net Fund Flow Analysis of Bitcoin Futures ETFs
Bitcoin Futures ETF
One Month Net Fund Flow
ProShares (BITO)
+189.47M
VanEck (XBTF)
-11.49M
Valkyrie (BTF)
+4.9M
Global X (BITS)
+4.03M
Ark/21 Shares (ARKA)
+1.77M
Hashdex (DEFI)
+0.61553M
Bitwise (BITC)
+5.32M
In the net fund flow analysis of Bitcoin Futures ETFs, ProShares (BITO) commands the highest influx with an impressive +$189.47 million. Following suit, Bitwise (BITC) and Valkyrie (BTF) attract +$5.32 million and +$4.9 million respectively.
Global X (BITS) also experiences a positive flow of +$4.03 million. Conversely, VanEck (XBTF) records the most significant outflow at -$11.49 million. Ark/21 Shares (ARKA) and Hashdex (DEFI) show modest yet positive inflows.
1.6. Technical Analysis of Bitcoin Futures ETFs
Bitcoin Futures ETF
Williams % Range (20 Days)
MACD (15 Days)
20 Day Moving Average
RSI (30 Days)
20 Day Volatility
Price
ProShares (BITO)
41.79
-1.36
$29.21
60
69.25%
$30.11
VanEck (XBTF)
50.58
+0.54
$39.19
54
42.50%
$39.22
Valkyrie (BTF)
52.10
-1.48
$20.15
58
69.10%
$19.92
Global X (BITS)
58.92
-3.32
$66.47
56
76.02%
$69.35
Ark/21 Shares (ARKA)
40.04
-2.66
$62.22
61
69.86%
$64.28
Hashdex (DEFI)
44.61
-3.55
$74.00
60
67.80%
$75.96
Bitwise (BITC)
41.29
-2.27
$49.85
60
70.98%
$51.38
In the technical analysis of Bitcoin Futures ETFs, a comprehensive examination of various metrics provides insights into each ETF’s performance and market dynamics.
Price data reveals a range of values across ETFs. Hashdex (DEFI) has the highest price at $75.96, reflecting investor confidence, while Valkyrie (BTF) has the lowest price at $19.92, indicating potential undervaluation or weaker market sentiment.
Volatility, as indicated by the 20-day Volatility percentage, portrays Global X (BITS) as the most volatile at 76.02%, suggesting greater price swings and potentially higher risk. Meanwhile, VanEck (XBTF) displays relatively lower volatility at 42.50%, indicating steadier price movements.
The Relative Strength Index (RSI) over 30 days illustrates market momentum and whether an ETF is overbought or oversold. Ark/21 Shares (ARKA) exhibits the highest RSI at 61, signaling potential overbought conditions, while VanEck (XBTF) shows a lower RSI at 54, indicating relatively less overbought status.
Moving Averages, such as the 20-day Moving Average, provide insights into price trends. Most ETFs have prices above the 20-day moving average, except Valkyrie, with a 20-day moving average at $20.15 and a current price at $19.92. This discrepancy suggests potential weakness in Valkyrie’s price trend.
The Moving Average Convergence Divergence (MACD) measures momentum and trend strength. Negative MACD values for most ETFs suggest bearish signals, except for VanECK (XBTF), indicating potential divergence in trend direction.
The Williams % Range evaluates overbought or oversold conditions, with lower values indicating potential oversold conditions. Ark/21 Shares (ARKA) presents the lowest Williams % Range at 40.04%, suggesting possible oversold levels.
2. In-Depth Analysis of Bitcoin Spot ETFs
At the time of this analysis, the prominent players in the Bitcoin Spot ETF market are GBTC, IBIT, FBTC, BTCO, ARKB, BITB, HODL, BRRR, EZBC, and BTCW.
Bitcoin Spot ETF
AUM
Grayscale (GBTC)
$27.68B
BlackRock (IBIT)
$15.42B
Fidelity (FBTC)
$9.19B
Invesco/Galaxy (BTCO)
$3.69B
Ark/21 Shares (ARKB)
$2.80B
Bitwise (BITB)
$2.01B
VanEck (HODL)
$0.5158B
Valkyrie (BRRR)
$0.4388B
Franklin Templeton (EZBC)
$0.2115B
WisdomTree (BTCW)
$0.0748B
Among them, GBTC, IBIT, FBTC, BTCO, ARKB, BITB, HODL, and BRRR are the top eight Bitcoin Spot ETFs based on Asset Under Management.
Let’s analyze these top Bitcoin Spot ETFs using various parameters.
2.1. Basic Data Overview of Bitcoin Spot ETFs
This overview offers a general picture of the top players’ performance.
Bitcoin Spot ETF
Price
Volume
1 Month Average Volume
Shares
AUM
Grayscale (GBTC)
$58.75
21,844,400
22,406,482
424.1M
$27.68B
BlackRock (IBIT)
$37.55
71,309,203
55,696,752
416.6M
$15.42B
Fidelity (FBTC)
$57.59
18,122,400
16,855,732
154.3M
$9.19B
Let’s go beyond what the basic data conveys.
2.2. Average Volume Analysis of Bitcoin Spot ETFs
Bitcoin Spot ETF
1 Month Average Volume
Grayscale (GBTC)
22,406,482
BlackRock (IBIT)
55,696,752
Fidelity (FBTC)
16,855,732
In the analysis of average volume of Bitcoin Spot ETFs, BlackRock (IBIT) leads the market with an impressive monthly average volume of 55,696,752 trades. Grayscale (GBTC) follows suit with 22,406,482 trades, while Fidelity (FBTC) maintains a significant volume of 16,855,732 trades.
2.3. Expense Ratio Analysis of Bitcoin Spot ETFs
The below data compares the cost efficiency of a Bitcoin Spot ETF to its peers.
Bitcoin Spot ETF
Expense Ratio (in %)
Grayscale (GBTC)
1.50%
BlackRock (IBIT)
0.12%
Fidelity (FBTC)
N/A
In the analysis of expense ratios of Bitcoin Spot ETFs, Grayscale (GBTC) presents the highest expense ratio at 1.50%, indicating relatively higher costs for investors. BlackRock (IBIT) follows with a ratio of 0.12%. Fidelity (FBTC) does not provide information on its expense ratio.
2.4. Performance Analysis of Bitcoin Spot ETFs
This data shows how a Bitcoin Spot ETF has performed compared to its peers this month.
Bitcoin Spot ETF
One Month Return
Grayscale (GBTC)
24.05%
BlackRock (IBIT)
23.90%
Fidelity (FBTC)
24.04%
In the performance analysis of Bitcoin Spot ETFs, Grayscale (GBTC), Valkyrie (BRR), and Fidelity (FBTC) demonstrate robust performance with a one-month return of around 24.05%. Bitwise (BITB) closely follows at 23.99%, showcasing strong market performance.
Ark/21 Shares (ARKB) and Invesco/Galaxy (BTCO) exhibit similarly impressive returns at 23.94% and 23.91% respectively. VanEck (HODL) and BlackRock (IBIT) round out the analysis with solid returns of around 23.90%, reflecting positive trends across the board.
2.5. Net Fund Flow Analysis of Bitcoin Spot ETFs
Bitcoin Spot ETF
1 Month Net Fund Flow
Grayscale (GBTC)
-4940M
BlackRock (IBIT)
+7790M
Fidelity (FBTC)
+3220M
In the net fund flow analysis of Bitcoin Spot ETFs, BlackRock (IBIT) leads with a significant influx of +$7790 million, indicating strong investor interest. Fidelity (FBTC) follows closely with +$3220 million, while Ark/21 Shares (ARKB) attracts +$787.78 million.
Bitwise (BITB) and VanEck (HODL) also experience positive flows of +$471.82 million and +$294.54 million respectively, showcasing healthy investor confidence. Conversely, Grayscale (GBTC) and Invesco/Galaxy (BTCO) witness outflows of -$4940 million and -$66.5 million respectively.
2.6. Technical Analysis of Bitcoin Spot ETFs
Bitcoin Spot ETF
Williams % Range (20 Days)
MACD (15 Days)
20 Day Moving Average
RSI (30 Days)
20 Day Volatility
Price
Grayscale (GBTC)
40.06
-2.40
$56.71
60
68.74%
$58.75
BlackRock (IBIT)
40.44
-1.56
$36.28
59
69.34%
$37.55
Fidelity (FBTC)
40.15
-2.34
$55.65
57
68.96%
$57.59
In the technical analysis of Bitcoin Spot ETFs, a comprehensive examination of various metrics provides insights into each ETF’s performance and market dynamics.
Price data reveals a range of values across ETFs. Grayscale (GBTC) has the highest price at $58.75, reflecting investor confidence, while BlackRock (IBIT) has a price of $37.55.
Volatility, as indicated by the 20-day Volatility percentage, portrays a range of values, averaging around 68-69%. Such volatility signifies substantial price swings within short periods, indicating a market environment ripe with both risk and opportunity.
The Relative Strength Index (RSI) over 30 days illustrates market momentum and whether an ETF is overbought or oversold. Most ETFs cluster around the mid-range, with Grayscale standing out with an RSI of 60, suggesting relatively stronger bullish momentum compared to its counterparts.
Moving Averages, such as the 20-day Moving Average, provide insights into the prevailing trend directions. Most ETFs show a 20-day moving average below their current price, suggesting a potential uptrend. This indicates consistency between short-term performance and overall trend direction.
In conclusion, this monthly analysis of Bitcoin ETFs reveals a wealth of insights into both Bitcoin futures ETFs and Spot ETFs. By examining parameters such as one-month average volume, expense ratio, one-month return, and net fund flow, we have shed light on the performance dynamics within these ETFs.
Furthermore, our in-depth technical analysis has uncovered hidden patterns and trends, providing a deeper understanding of market movements. As Bitcoin ETFs continue to shape the investment landscape, may this analysis serve as a beacon of guidance for investors, empowering them to navigate the complexities of ETF markets with confidence and clarity.