Vertigo3d
Bitcoin- (BTC-USD) strategy focused exchange traded funds tracked higher during Wednesday’s premarket session as the underlying digital currency hit a two-week trading high.
Funds such as the ProShares Bitcoin Strategy ETF (NYSEARCA:BITO), Valkyrie Bitcoin Strategy ETF (NASDAQ:BTF), and the VanEck Bitcoin Strategy ETF (BATS:XBTF) all traded in the green early on as Bitcoin gained 2.3%, moving the cryptocurrency to highs not seen since November 15th.
At the moment Bitcoin hovers near the $16,800 level after it pared some of its earlier gains that took the digital token to $17K. As a result, the positive moves have provided relief for BITO, BTF, and XBTF as they have gained 2.5%, 2.3%, and 2.3%, respectively.
The topside move has most investors thinking that the rise is just a bearish retest and will more than likely not stick as the crypto landscape still remains shaky after Sam Bankman-Fried’s exchange FTX imploded and filed for bankruptcy.
While Bitcoin, BITO, BTF, and XBTF rise on Wednesday, they are still down big for the month of November. For the month Bitcoin trades lower by 17.8%, BITO is -19.7%, BTF -18.7%, and XBTF -18.8%.
In related Bitcoin ETF news, Bitwise refiled for a Bitcoin Strategy Optimum Yield ETF in the face of the recent crypto meltdown.