Big Demand for Blockchain ETFs According to New Report
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Answer Big Demand for Blockchain ETFs According to New Report
Cryptocurrency trading app Robinhood recently reported that the number of users who now own blockchain-related ETFs (exchange-traded funds) has reached a new milestone.
The number of ETF users has now reached a new high for 2020, and it happened earlier this week. and data Provided by Robinhood relates to three of the largest ETFs present in the United States which are:
BLCN, BLOK and LEGR.
Details about the Robinhood report:
The new data comes as an interesting change in the pace of ETFs in the United States of America, where two months ago ETFs were experiencing poor demand but since mid-April the data has changed as there appears to be a clear recovery.
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While these spikes are the largest seen in 2020 so far, these numbers are still not high enough for ETFs to hit.
On the other hand, BLOK data indicates that levels are back to the same high as seen in mid-2019.
The number of holders decreased by 33% (BLOK) and 45% (BLCN) of their ATHs.
Only LEGR has access to ATH in terms of number of holders.
Still, there is time for the other two to catch up especially BLOK, which is the closest to the ATH of the two.
Finally, when it comes to price, BLOK has seen an increase of 6%, while BLCN has seen an increase of 8%.
While LEGR is down 6% since the start of the year.
Why is that?
One possible explanation for this is the recent recovery of the stock market.
The market was hit by the global economic meltdown several months ago, when coronavirus fears were at their highest.
However, there have been a lot of retracements recently, one example being the Dow, which has been moving higher since dropping below 20,000 points in the last days of March.
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Another factor may be the rally in the price of Bitcoin, which is up 34% since the beginning of the year.
Read also:
What is a Bitcoin Traded Fund (ETF)?
The SEC rejects the last ETF on its table for 2019
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