With May flowers blooming, is the “crypto winter” also done thawing? While last year was a particularly rough time for digital assets of all kinds – perhaps best illustrated by Bitcoin’s big drop off – 2023 has been a much better showing for digital assets with almost half the year gone. That was true over the last week, as well, with strategies like the Invesco Alerian Galaxy Crypto Economy ETF (SATO) seeing potent returns among the top weekly ETFs.
SATO has returned 7% over the last week, placing it firmly in the middle of the suite of crypto and digital assets-focused ETFs that make up the top ten. SATO charges a 61 basis point fee and is halfway to its three-year milestone, having launched in the Fall of 2021. The VanEck Digital Transformation ETF (DAPP) took the top-performing position with a 9% return over the last week according to data from Logicly.
See more: “Ric Edelman on the Future of Crypto”
Whether the future of crypto rests solely in currencies like Bitcoin, which itself could be set for a big long-term rebound, or in tools like the blockchain is also a relevant question amid the overall crypto rebound. That offers one additional difference between SATO and DAPP and other ETFs in the top ten like the Global X Blockchain & Bitcoin ETF (BITS) which focuses on both the blockchain and Bitcoin with a 6.1% return over the last week.
Crypto may have led the top weekly ETFs, but it wasn’t the sole focus; commodities, and uranium specifically, also played a role. The Sprott Junior Uranium Miners ETF (URNJ) and the Sprott Uranium Miners ETF (URNM) both took top positions, returning 8% and 5.6% respectively. URNJ’s 8% return was actually the second highest for the last week as of Monday, May 1st, having only launched on February 1st this year.
Whether that uranium interest is tied to Europe’s reliance on nuclear power and its increased popularity as an energy source, or to demand not being matched by new mines coming alone, the commodity has been a notable driver of returns so far this year. Whether crypto and uranium can keep that momentum going is surely something worth watching in the weeks and months to come.
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Visualizations and data provided by LOGICLY, which is a wholly-owned subsidiary of VettaFi.