Crypto ETFs Surge as Bitcoin Tops $66K
Broad equity indexes head to record highs as tech stocks jump
- • News
CRPT, ARKD rose on crypto rally; GCAD dips on Boeing woes.
Cryptocurrency related ETFs led gains on Monday as Bitcoin surged to levels not seen since September.
The First Trust SkyBridge Crypto Industry and Digital Economy ETF (CRPT) gained 3.8% as crypto-related stocks surged. Bitcoin topped $66,000, with Mara Holdings up 5.7% and Coinbase climbing nearly 12%.

Bitcoin and crypto assets rallied after China announced further economic support through monetary stimulus. Bitcoin's price rose to $66.265 at one point before retreating below $66,000. The ARK 21Shares Blockchain and Digital Economy Innovation ETF (ARKD) rose 4.8% on the crypto surge.
The Gabelli Commercial Aerospace and Defense ETF (GCAD), which holds nearly 8% Boeing stock, hovered near flatline. Boeing dipped 1.6% after announcing plans to cut about 10% of its workforce, or 17,000 individuals. The company also postponed delivery of its 77X wide-body place and forecast wider-than-expected third quarter losses amid an ongoing machinist strike.
The ARK Fintech Innovation ETF (ARKF) rose 2% after SoFi Technologies shares jumped nearly 11%. The online personal finance company announced a $2 billion agreement with Fortress Investment Group to grow its loan platform business.
The Global X Telemedicine & Digital Health ETF (EDOC) rose 0.6% following news about Hims & Hers Health. The stock popped nearly 9% after the FDA said it would allow compounding of Eli Lilly’s weight loss drug Mounjaro.
VOO, SPY Head Higher, China ETFs Fall
Broad market ETFs headed towards record highs Monday as the S&P 500 rose on bets that corporate earnings will validate the hoped-for soft-landing the Federal Reserve has sought to engineer with a series of interest rate hikes and cuts.
SPY, the SPDR S&P 500 ETF Trust and VOO, the Vanguard S&P 500 ETF jumped 0.7%. Broad markets were boosted Monday by Nvidia, which rose more than 2.6% into the midday trading.
Tech-heavy QQQ, the Invesco QQQ Trust also rose Monday, popping nearly three quarters of a percentage point. DIA, the SPDR Dow Jones Industrial Average ETF Trust was a third of a percentage point higher.
According to the etf.com Pulse Tool, broad market ETFs have clinched the most fund flows of all equity ETFs so far this year. VOO has seen the most inflows since January, raking in more than $76 billion, far more than IVV, the iShares Core S&P 500 ETF which pulled in $51.2 billion.
Of all equity ETFs, broad market funds VOO, IVV, and VTI, the Vanguard Total Stock Market ETF pulled in the most for the year. Investors poured nearly $150 billion into these three funds, more than the remaining 7 funds in the top 10 combined.
China ETFs Sink on Vague Stimulus Details
China ETFs sank Monday as investors were left wanting for details about the size of the total stimulus package meant to boost the flagging economy, the world's second-largest.
MCHI, the iShares MSCI China ETF dropped 1.2%, while FXI, the iShares Trust - China Large-Cap ETF slid 1%. KWEB, the KraneShares CSI China Internet ETF slid the most, sinking nearly 2%.
Investors betting against China's economy saw upside, as YANG, the Direxion Daily FTSE China Bear 3X Shares jumped over 3.75%.
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