Blockchain ETF (BLOK) Hits New 52-Week High
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For investors seeking momentum, Amplify Transformational Data Sharing ETF BLOK is probably on the radar. The fund just hit a 52-week high and is up 103.6% from its 52-week low price of $20.28/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
BLOK in Focus
The Amplify Transformational Data Sharing ETF is an actively managed ETF that seeks to provide total return by investing at least 80% of its net assets in the equity securities of companies actively involved in the development and utilization of transformational data sharing technologies. The product charges 76 bps in annual fees (See: All Technology ETFs here).
Why the Move?
Bitcoin has surged to more than $71,000 for the first time since June, driven by market speculation surrounding the outcome of next week’s U.S. elections. Traders are betting on bullish market conditions regardless of the election outcome.
More Gains Ahead?
The BLOK ETF might continue its strong performance in the near term, with a positive weighted alpha of 83.46, which gives cues of a further rally.
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Amplify Transformational Data Sharing ETF (BLOK): ETF Research Reports
