Spot Bitcoin ETFs Drive Mining Stocks' Success

The introduction of spot bitcoin exchange-traded funds (ETFs) in January has proven beneficial for Bitcoin mining stocks, contrary to predictions by some analysts. Since their launch on January 10, 2024, these ten spot bitcoin ETFs have collectively amassed over $36 billion in assets under management (AUM), marking an extraordinary level of inflows that could be considered one of the most remarkable in ETF history. This surge in activity has propelled bitcoin's price to reach $50,000 this week, a milestone not seen since December 2021.



The success of bitcoin tends to bode well for publicly traded bitcoin miners. Among the 12 largest public bitcoin miners by market capitalization, nine have recorded double-digit gains over the past month, with all but four surpassing bitcoin's own price appreciation.



Following the wave of Bitcoin


First found on: https://coinatory.com/cryptocurrency-news/spot-bitcoin-etfs-drive-mining-stocks-success-17273/?utm_source=BG&utm_medium=Blogger+Some+Crypto+Blog&utm_campaign=SNAP