This Bitcoin ETF started showing so much promise earlier in the year, but it’s currently down 12% year-to-date after struggling since October, in a very similar fashion to the local tech sector. The future of digital assets is likely to be a very fluid one, however 2025 has seen a greater level acceptance and legitimacy, helped by Donald Trump’s family interests in the space. We wouldn’t be surprised to see future bullish policy surprises out of the White House.
We have traditionally used Bitcoin as an excellent signal on market liquidity, i.e. if people have the free/speculative money to buy Bitcoin et al they certainly should have the wherewithal to buy stocks. That view still holds; however, we also believe we should be a more open minded about the future of digital assets and how they could evolve – something for 2026!
- We can see this Bitcoin ETF bouncing +10-15% into January, but this is a technical view, not based on any fundamental insight.
MM is neutral towards the VBTC ETF
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