Benzinga - With a two-month timeline ahead, the Securities and Exchange Commission (SEC) is yet to make decisions on several applications to establish spot Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs).
What Happened: The potential for these applications to be approved is particularly noteworthy due to the stature of the applicants, which includes industry behemoths such as BlackRock, Fidelity, and Franklin Templeton.
Crypto fund investors have had a reason to celebrate, particularly those who purchased stakes in Grayscale Bitcoin Trust (OTC:GBTC) and Bitwise 10 Crypto Index Units Beneficial Interest (OTC:BITW) a year ago, have seen their investments soar by 200% to date.
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Analyzing GBTC Vs BITW's One-Year Performance
GBTC’s price jumped from $8.44 a year ago to $29.2 today, an increase of 245.81%. Meanwhile, BITW experienced a rise from $7.09 to $22.37, translating into a 215.51% gain.
Comparison of market price trajectory of GBTC and BITW over the given time period. (Image: Benzinga)
If you had invested $1,000 into GBTC on Nov. 22, 2022, it would have appreciated to $3,458 today. Similarly, a $1,000 investment in BITW would have increased to $3,155.
Comparison of scaled returns delivered by GBTC and BITW over a period of one year. (Image: Benzinga)
An examination of the correlation between GBTC and BITW’s stock movements reveals a robust coefficient of determination of 0.914.
This suggests a strong, positive correlation, indicating that the two stocks often move in tandem as seen through regression analysis.
Linear regression analysis of GBTC and BITW to see if there is a correlation in how the stocks move. (Image: Benzinga)
Price Action: At the time of writing, Bitcoin (CRYPTO: BTC) was trading at $36,344.38, down 3.11% in the last 24 hours according to Benzinga Pro.
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