The first exchange traded fund — SPDR S&P 500 ETF Trust — launched in 1993, allowing investors to spread risk by owning a basket of stocks with a single trade. In January of 2024, the first spot Bitcoin ETF — the iShares Bitcoin Trust ETF from BlackRock — made its debut.
Today, shares of IBIT have found support above the 21-day exponential moving average as the Bitcoin ETF looks to return to buy range. It also earns a spot on Investor's Business Daily's Leaderboard alongside the likes of Nvidia and Netflix.
Tapping Cryptocurrency Via This Spot Bitcoin ETF
As a spot ETF, IBIT directly owns bitcoin as an underlying asset, aiming to reflect the spot price of the digital currency.
Shares of the bitcoin ETF cooled off after they cleared a mini trendline near 60-62. In May, the iShares Bitcoin Trust ETF cleared a 61.75 buy point in a cup pattern.
While IBIT quickly retreated from that breakout, it found support and bounced off its 50-day moving average on June 23. It then went on to retake its 21-day line.
As the bitcoin ETF continues to shore up support, it is looking to climb back into a 61.75-64.84 buy zone. Shares of IBIT currently trade around the 60-61 range.
Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.
