Bitcoin Spot ETF Looms Large, But Early Believers With $1,000 In GBTC, BITW Are Reaping Massive Rewards

With a two-month timeline ahead, the Securities and Exchange Commission (SEC) is yet to make decisions on several applications to establish spot Bitcoin BTC/USD exchange-traded funds (ETFs). 

What Happened: The potential for these applications to be approved is particularly noteworthy due to the stature of the applicants, which includes industry behemoths such as BlackRock, Fidelity, and Franklin Templeton.

Crypto fund investors have had a reason to celebrate, particularly those who purchased stakes in Grayscale Bitcoin Trust GBTC and Bitwise 10 Crypto Index Units Beneficial Interest BITW a year ago, have seen their investments soar by 200% to date. 

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Analyzing GBTC Vs BITW's One-Year Performance

GBTC’s price jumped from $8.44 a year ago to $29.2 today, an increase of 245.81%. Meanwhile, BITW experienced a rise from $7.09 to $22.37, translating into a 215.51% gain.

If you had invested $1,000 into GBTC on Nov. 22, 2022, it would have appreciated to $3,458 today. Similarly, a $1,000 investment in BITW would have increased to $3,155.

An examination of the correlation between GBTC and BITW’s stock movements reveals a robust coefficient of determination of 0.914.

This suggests a strong, positive correlation, indicating that the two stocks often move in tandem as seen through regression analysis.

Price Action: At the time of writing, Bitcoin BTC/USD  was trading at $36,344.38, down 3.11% in the last 24 hours according to Benzinga Pro.

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