ASX Weekly ETF Gainers Include Gold Miners and Bitcoin Funds

The ASX witnessed a remarkable resurgence in Exchange-Traded Funds (ETFs) with exposure to cryptocurrencies this week, underscoring the growing dominance of digital assets in the investment landscape.

This trend emerges amidst a broader rally in gold prices, although not related saw increased interest in gold related ETFs.

Rising Interest in Gold Miners

Since March, ETF investors have displayed a renewed affinity for gold miners, aligning with the unprecedented highs in gold prices.

Although interestingly, this has not translated into buying ASX-traded gold companies across the board.

The allure of gold as a potential safe-haven asset during times of market uncertainty has fueled this resurgence in ETF buying.

However, it’s worth noting that both crypto and gold miner ETFs have experienced notable volatility over the past year.

While gold miner ETFs are clawing back lost ground, they have yet to reach their levels from a year ago, contrasting with the more stable growth observed in ETFs directly invested in physical gold.

Standout Weekly Performers

Among the ASX-listed ETFs, the standout performers for the week include:

Global X 21Shares Bitcoin ETF (ASX: EBTC): Notching an impressive gain of 11.6%.

Global X 21Shares Ethereum ETF (ASX: EETH): Registering a solid rise of 6.8%.

VanEck Gold Miners ETF (ASX: GDX): Posting a commendable increase of 6.3%.

Betashares Crypto Innovators ETF (ASX: CRYP): Surging ahead with a gain of 6.3%.

Betashares Global Gold Miners Currency Hedged ETF (ASX: MNRS): Recording a notable uptick of 5.9%.

Bitcoin vs. Ethereum: A Forward Outlook

Despite a recent minor setback, Bitcoin continues to hover around the US$66,903 mark, trailing slightly behind its March peak of $72,005.

Analysts are eyeing Ethereum for potential outperformance in the near term, fueled by expectations surrounding the launch of a spot Ethereum ETF.

While the drivers behind Bitcoin’s recent fall and ascent remain somewhat ambiguous, some attribute this week’s gain to Morgan Stanley’s intentions to introduce a spot Bitcoin ETF for its clientele.

Investor Enthusiasm Fuels Crypto ETFs

Even as Bitcoin stands merely 4.3% below its all-time high, Ethereum lags by over 20% from its 2021 pinnacle (as per CoinGecko data).

Nonetheless, investor appetite has propelled the prices of Global X’s Bitcoin ETFs (EBTC and EETH) on the ASX, positioning them as the frontrunners among this week’s ETF gainers.

This is not their first time leading the pack with crypto ETFs leading the gainers in previous weeks.

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JustStocks Advisor
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