Valkyrie Bitcoin Miners ETF led the way with a 101 per cent return since the turn of the year, but a flock of rival funds have also chalked up gains of between 40 and 80 per cent
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Most of these ETFs are still well below water for longer-term investors, having been pummelled by last year’s “crypto winter” and the broader sell-off in technology stocks, but the nascent rally does point to the niche sector’s ability to bounce back owing to its inherent volatility. “If you were convinced two years ago by the ARK story, technology is now on sale,” says Kenneth Lamont, senior fund analyst for passive strategies at Morningstar Inc.
This rebound has largely been attributed to signs that inflation might have peaked, particularly in the U.S., potentially allowing global interest rates to peak at lower levels and paving the way for more “risk-on” investment strategies.
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