Spot Bitcoin ETFs Spike as Crypto Jumps

Spot bitcoin exchange-traded funds surged on Thursday along with the price of underlying asset, continuing their momentum from earlier in the week. 

BlackRock's iShares Bitcoin Trust (IBIT), the Grayscale Bitcoin Trust (GBTC), and the Fidelity Wise Origin Bitcoin Fund (FBTC), all rose about 2.7%. Those three firms account for about 85% of the category's roughly $60 billion in assets under management. 

Bitcoin, the largest cryptocurrency by market value, was recently trading just below $69,000, up nearly 2.7% over the past 24 hours, according to crypto markets data provider CoinMarketCap. It has gained nearly 9% from a week ago, sparked by rising optimism about the election prospects of Donald Trump, the favored candidate of the crypto industry and potential interest rate cuts that will potentially introduce more liquidity into digital asset markets. 

Investors have plowed more than $1.8 billion into the 11 spot bitcoin funds over the first four days of this week, according to data U.K. asset manager Farside Investors. 

Meanwhile, major indexes were mixed with the S&P 500 and tech-heavy Nasdaq rising .4% and .6%, respectively, but the Dow Jones Industrial Average ticking down slightly. The SPDR S&P 500 ETF Trust (SPY) rose .4%. 

Strong Q3 earnings from Netflix sent the stock soaring over 10%, boosting internet, media, and tech ETFs that hold the streaming media giant. 

GGME, the Invesco Next Gen Media and Gaming ETF jumped 1.9% Friday afternoon. GGME has the greatest allocation to Netflix among all funds, making up 8% of the ETF.

The biggest holder of Netflix—QQQ, the tech-heavy Invesco QQQ Trust—rose more than 0.7%. 

FDND, the FT Vest Dow Jones Internet & Target Income ETF also jumped Friday, popping 1.2%. FEPI, the REX FANG & Innovation Equity Premium Income ETF was 0.7% higher. 

The optimistic outlook from Netflix soothed any growth fears investors have about the media company, which also reported slowing subscriber growth. Netflix is one of the 'Magnificent Seven' stocks that has experienced volatility as investors have grown anxious about the ability for the high levels of growth to be maintained amid a slowing economy.

Broad market funds were also in the green Friday. SPY, the SPDR S&P 500 ETF Trust rose 0.4% while DIA, the SPDR Dow Jones Industrial Average ETF Trust added 0.1%