iShares Blockchain and Tech ETF

IBLC

Market cap $89.7M

Before spot bitcoin ETFs launched (and even before futures bitcoin ETFs), crypto equity ETFs helped build early appetite for crypto. They were the first real taste of bitcoin that investors could get in their traditional brokerage accounts.

A new era of regulation is bound to bring high hopes for the crypto bulls. House Republicans are now gearing up for “Crypto Week” — during which the committee has agreed to prioritize digital asset legislation and review several crypto-related bills.

The emergence of China-based AI startup DeepSeek triggers a trillion-dollar sell-off in U.S. and European technology stocks.

Crypto ETFs are surging following last week's presidential election. Bitcoin reached $80,000 for the first time over the weekend and hit another high on Monday, as the rally in crypto continues.

Wall Street's focus on blockchain stocks is likely to continue in the second half of 2024 as well. Blockchain, the technology behind cryptocurrencies like Bitcoin ( BTC-USD ) and Ethereum ( ETH-USD ), has applications that extend far beyond digital currencies.

The S&P 500 wrapped up their biggest week since early November 2023 driven by a rally in big tech stocks, especially Alphabet (GOOGL) and Microsoft (MSFT), which reignited confidence about AI growth following their blowout first-quarter earnings.

In its latest report released last December, the Bureau of Economic Analysis (BEA) estimates that the digital economy now represents 10% of the total U.S. GDP, or $2.6 trillion.  The digital economy is also growing at an average annual growth rate of 7.1%.

Wall Street surged to close out February with the S&P 500 and Nasdaq Composite notching their best February since 2015.

ETF capture of asset classes expanded notably last week with the launch of 10 spot bitcoin ETFs. Todd Rosenbluth, head of research at VettaFi, discussed the launch of the iShares Bitcoin Trust (IBIT), with BlackRock's Jay Jacobs.

As Bitcoin breaks through the $45,000 mark and investor confidence in a potential ETF approval continues to build, the cryptocurrency market remains an intriguing space to watch in 2024.