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16 Apr 2026, 15:33

Bitcoin Miner ETFs: The Shift Beyond Mining

Summary Last week, I published an update on the crypto ETF landscape, but one area worth revisiting is crypto equities—particularly Bitcoin miners. Lower Bitcoin prices in addition to higher network competition weighed on profitability, making 4Q one of the most challenging quarters for the group. While there are several blockchain/crypto equity ETFs, there are only a couple of pure-play Bitcoin mining ETFs left after some earlier closures. By Roxanna Islam, CFA, CAIA Last week, I published an update on the crypto ETF landscape , but one area worth revisiting is crypto equities—particularly Bitcoin miners. For many investors, miners can seem too niche, too volatile, or simply redundant now that spot Bitcoin ETFs exist. But that view misses how much the space has evolved. Bitcoin miners were once primarily seen as high-beta proxies for Bitcoin, especially before spot Bitcoin ETFs made direct exposure easier. Today, they offer an equity-based way to access the digital asset ecosystem, with growing exposure to artificial intelligence ((AI)) infrastructure, data centers, and high-performance computing (HPC). That helps explain why Bitcoin miner ETFs have recently outperformed spot Bitcoin ETFs, even as flows into the category remain relatively muted. Bitcoin miner performance surprisingly resilient Bitcoin miners had a difficult 4Q25. Bitcoin itself dropped around 30% from its early October high to late December levels, but miners were hit even harder as their underlying economics deteriorated alongside the price decline. Lower Bitcoin prices in addition to higher network competition weighed on profitability, making 4Q one of the most challenging quarters for the group. 1Q26, however, became more interesting. While mining fundamentals remained under pressure, miner equities traded on more than just Bitcoin prices and near-term margins. Some stocks held up better than Bitcoin as investors increasingly rewarded companies with exposure to AI and high-performance computing, highlighting how quickly the market is starting to view certain miners as broader digital infrastructure plays. Bitcoin miners are no longer small, niche stocks Some of the largest Bitcoin miners are listed below, and this group is not as niche as it may seem. Public Bitcoin-mining stocks now represent roughly a $70 billion market cap universe, with names like IREN Ltd. ( IREN ) exceeding $15 billion on their own. As mentioned above, many companies are increasingly using their power access and data center footprints to pursue AI and high-performance computing, turning themselves into broader digital infrastructure stories. As the space adapts rapidly to the volatility of Bitcoin prices, market caps are growing along with valuation multiples and investor sentiment. While a slow transition, it is already showing up in reported results. In 4Q 2025, Core Scientific ( CORZ ) generated roughly 44% of revenue from “colocation” or data center services (up from 18% in 3Q), while TeraWulf ( WULF ) derived about 27% of its 4Q revenue from high-performance computing leasing (up from 14% in 3Q). Even companies that remain primarily Bitcoin miners, such as IREN, derived 9.4% of their revenue from AI cloud services revenue in their most recent quarter (up from 3% in the previous quarter). Bitcoin Miner ETFs: few pure-play options While there are several blockchain/crypto equity ETFs, there are only a couple of pure-play Bitcoin mining ETFs left after some earlier closures. The CoinShares Bitcoin Mining ETF ( WGMI ) is the oldest and largest Bitcoin mining ETF, with almost $200 million in assets. The ETF is actively managed. It invests at least 80% of its net assets in companies that derive 50% or more of their revenue or profits from Bitcoin mining operations (or from providing specialized chips, hardware, software, and other services to miners). Because it is actively managed, it has more flexibility, not just in holdings, but also in weightings. WGMI has around 18% of its weight in Cipher Digital ( CIFR ), which is up 25% year-to-date. The remaining top five include: IREN, Terawulf, Core Scientific, and Hut 8 Corp. ( HUT ), which are all up from around 30-80% YTD. As of April 14, WGMI was up 24% YTD and up almost 300% in the past year. The Grayscale Bitcoin Miners ETF ( MNRS ) launched in January 2025 and currently sits at around $10 million in assets. MNRS is passively managed and rules-based, tracking the Indxx Bitcoin Miners Index. The index prioritizes companies that generate at least 50% of revenue from Bitcoin mining. These are weighted based on free-float market capitalization, with a single security cap of 15% applied to any pure-play stocks. The total weight of non-pure-play companies is limited to only 15% total. This keeps the index (and ETF) from becoming too over-concentrated while maintaining a fair representation of the crypto mining industry. Its top five names are around 50% of the ETF’s weight, led by IREN, Applied Digital Corp. ( APLD ), Hut 8, Bitdeer Technologies Group ( BTDR ), and TeraWulf. It holds only one GICS-classified financials name—Block Inc ( XYZ )—and one GICS-classified consumer discretionary name—Cango Inc ( CANG ). As of April 14, WGMI was up 12% YTD and up almost 120% in the past year. MNRS has a slightly lower fee than WGMI (59 basis points vs. 75 basis points). Many other crypto equity ETFs also have significant weight in Bitcoin miners Blockchain ETFs can also provide significant exposure to crypto mining companies despite having a broader focus. For instance, top holdings of the Amplify Blockchain Technology ETF ( BLOK ) are mostly miners, except for Galaxy Digital ( GLXY ), Robinhood Markets ( HOOD ), and Coinbase Global ( COIN ). Performance of many of these crypto financial companies may be better or worse than Bitcoin miners due to varying drivers, which leads to a large gap in performance with pure-play mining ETFs. One advantage of broader blockchain ETFs, however, is flexibility. They can potentially add other types of crypto-related firms as they come to market. Because the industry is evolving, new companies will likely emerge and go public over the next few years. A few companies that have recently launched within the past few years are: Bullish ( BLSH ), Circle ( CRCL ), and Gemini Space Station ( GEMI ). In contrast, certain crypto equity ETFs may also target more specific themes besides mining. Stablecoins and tokenization are a good example of this. At the end of 2025, Amplify launched the Amplify Stablecoin Technology ETF ( STBQ ) and the Amplify Tokenization Technology ( TKNQ ), which are both heavily focused on financial equities that issue stablecoins or are active in tokenization efforts, in addition to certain crypto assets like Ethereum, Solana, XRP, and Chainlink ETFs. These ETFs are not focused on miners but show a different slice of the digital asset universe beyond broad crypto equity exposure. Read more here . Disclosure: © VettaFi LLC 2026. All rights reserved. This material has been prepared and/or issued by VettaFi LLC ("VettaFi") and/or one of its consultants or affiliates. It is provided as general information only and should not be taken as investment advice. Employees of VettaFi are prohibited from owning individual MLPs. For more information on VettaFi, visit www.vettafi.com . Original Post Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.

16 Apr 2026, 15:30

Hyperliquid’s HIP‑3 Open Interest Skyrockets— Is 24/7 Tokenized Equity About To Rewrite Wall Street?

Hyperliquid’s HIP‑3 open interest is pushing toward the multi‑billion mark, led by not just crypto perps but synthetic equities and index products. Hyperliquid’s HIP-3 New ATH Following Bitget Wallet integration of Hyperliquid’s HIP‑3 infrastructure at the beginning of the month, The Block claimed today that its data indicates that only three of Hyperliquid’s ten most‑traded markets are still crypto pairs: the rest are futures tied to tokenized stocks and commodities. Open interest on Hyperliquid’s HIP‑3 markets set a new record at about $2.38 billion last week, before easing to just under $2.1 billion by Wednesday —a modest 12% slide that tracks the broader risk‑off shift across markets. This sits inside a broader Hyperliquid open interest of around $8B across the platform. Related Reading: Bitcoin Double Bottom Formation Eyes $82,500 Rally – Breakout Or Rejection Next? Let’s remember that HIP‑3 consists in permissionless perps where builders stake HYPE to spin up their own markets, including synthetic equity indices, single‑stock style perps, and macro baskets. Traders get stock‑like exposure with leverage, no closing bell, and on‑chain custody, plus cross‑margining against crypto and commodities in a single venue. An Intensive Growth HIP‑3’s expansion has been explosive. The data suggests that open interest has vaulted from roughly $280 million at the start of the year to above $1 billion in under a month and then over $2 billion by quarter‑end, a jump of about 580% year‑to‑date. TradeXYZ (a decentralized perpetuals platform built on Hyperliquid) is driving the move, accounting for more than 90% of all HIP‑3 open interest. HIP-3 Daily Open Interest by DEX. Source: The Block. The real inflection point for HIP-3 is around $5 billion in open interest, The Block says. Once it reaches that zone, the markets throw off enough flow and depth to start looking viable for professional market‑making firms that currently focus on CME and CBOE products Just three of the ten busiest markets by volume are still crypto pairs on the leading perp DEX itself. The rest are futures tied to tokenized equity and commodities. This includes Nasdaq‑style indices, oil, gold, silver, and the S&P 500. What Traders Should Look For Hyperliquid is positioning as a de facto global macro venue where crude, gold, FX and now tokenized equities all trade side by side, with traditional media already using its prices as early signals. Related Reading: Retail Investors Are The Only Ones Panicking About Bitcoin, Here’s what The Big Dogs Are Doing There’s a strong chance HIP‑3 eventually moves beyond perpetuals into spot tokenized stocks. Such a shift that would put it in much more direct competition with traditional equity exchanges and almost certainly force regulators to react faster. For interested traders, HIP‑3 markets give high‑beta, always‑on equity exposure with CEX‑like depth, but with DEX‑style self‑custody and protocol risk layered on top. It would be wise to watch HIP‑3 open interest versus spot volumes, the growth in equity‑linked perps share and any regulatory headlines that could re‑price the tokenization trade overnight. At the moment of writing, HYPE trades for $45 on the daily chart. Source: HYPEUSDT on Tradingview. Cover image from Perplexity. BTCUSD chart from Tradingview.

16 Apr 2026, 15:30

Gold Price Analysis: Steady Range Holds as US-Iran Talks Intensify, While Oil-Driven Inflation Threatens Gains

BitcoinWorld Gold Price Analysis: Steady Range Holds as US-Iran Talks Intensify, While Oil-Driven Inflation Threatens Gains Gold prices maintained a tight trading range in global markets this week, as investors closely monitored diplomatic negotiations between the United States and Iran. The precious metal’s stability reflects a delicate balance between geopolitical optimism and persistent inflationary pressures from the energy sector. Market analysts report that while diplomatic progress could reduce traditional safe-haven demand, rising oil prices continue to support gold as an inflation hedge. Gold Price Analysis Amid Geopolitical Shifts Spot gold traded between $2,150 and $2,180 per ounce throughout the week, demonstrating remarkable stability. This consolidation follows months of volatility driven by central bank policies and Middle East tensions. The current price action suggests markets are in a holding pattern, awaiting clearer signals from multiple fronts. Technical indicators show strong support at the $2,140 level, with resistance forming near $2,200. Market participants are carefully weighing several competing factors. First, successful US-Iran negotiations could reduce regional tensions, potentially decreasing gold’s appeal as a safe-haven asset. Second, ongoing oil price strength continues to fuel broader inflation concerns, supporting gold’s traditional role as a store of value. Third, Federal Reserve policy remains a critical variable, with interest rate decisions directly impacting non-yielding assets like gold. Technical and Fundamental Convergence Chart patterns reveal important market dynamics. The 50-day moving average currently sits at $2,145, providing immediate technical support. Meanwhile, the relative strength index (RSI) reads 52, indicating neutral momentum without overbought or oversold conditions. These technical factors combine with fundamental developments to create the current equilibrium. Historical data shows gold typically performs well during periods of diplomatic uncertainty. However, the current situation presents a unique challenge. Markets must assess whether reduced geopolitical risk will outweigh persistent inflation concerns. This balancing act explains the narrow trading range observed across major exchanges. US-Iran Diplomatic Talks: Market Implications Diplomatic engagement between Washington and Tehran entered a new phase this month, with indirect talks mediated through European channels. These discussions focus primarily on nuclear program limitations and regional security arrangements. While details remain confidential, market participants have noted several important developments. The potential normalization of relations carries significant economic implications. Success could lead to increased Iranian oil exports, potentially easing global supply constraints. This development might moderate energy prices, reducing one key inflationary pressure. However, the process remains fragile, with multiple obstacles still to overcome. Previous negotiation cycles provide important context. During the 2015 nuclear agreement negotiations, gold prices declined approximately 8% in the six months following the deal’s announcement. Markets priced in reduced Middle East risk premiums. Current conditions differ substantially, however, with inflation running at much higher levels than during the previous agreement period. Regional Stability and Commodity Flows Beyond direct negotiations, regional dynamics influence market sentiment. Shipping security in the Strait of Hormuz remains a critical concern for energy markets. Any diplomatic progress that reduces maritime tensions could lower insurance costs and improve supply reliability. These factors indirectly affect gold through their impact on broader risk assessment. Market participants monitor several key indicators: Diplomatic statements: Official communications from negotiating parties Regional military activity: Changes in force deployments or exercises Energy market reactions: Oil price responses to diplomatic developments Currency movements: Dollar strength relative to geopolitical news Oil-Driven Inflation Caps Gold’s Potential While geopolitical developments create uncertainty, energy markets exert more direct inflationary pressure. Brent crude oil has maintained prices above $85 per barrel, driven by production constraints and robust global demand. This sustained elevation in energy costs feeds through to broader price indices, maintaining inflation above central bank targets in many economies. The relationship between oil prices and gold is well-established but complex. Higher energy costs typically: Increase production and transportation expenses Raise consumer price expectations Pressure central banks to maintain restrictive policies Support gold as an inflation hedge Current conditions present a particular challenge. The inflationary impact of elevated oil prices supports gold demand. Simultaneously, the potential policy response—higher interest rates—creates headwinds for non-yielding assets. This tension helps explain why gold has struggled to break above recent resistance levels despite supportive fundamentals. Inflation Expectations and Real Yields Market-based inflation expectations, measured by breakeven rates, remain elevated near 2.5% for the five-year horizon. These expectations support gold prices by reducing the appeal of nominal fixed-income investments. However, real yields—adjusted for inflation—have also risen modestly as the Federal Reserve maintains its commitment to price stability. The following table illustrates key relationships: Factor Impact on Gold Current Status Oil Prices Positive (inflation hedge) Elevated Real Yields Negative (opportunity cost) Moderately Rising Dollar Strength Negative (pricing currency) Mixed Geopolitical Risk Positive (safe haven) Potentially Decreasing Central Bank Policies and Market Dynamics Monetary policy decisions create another layer of complexity for gold markets. The Federal Reserve’s latest communications emphasize data dependency, particularly regarding inflation metrics. Energy prices directly influence these readings, creating a feedback loop between commodity markets and policy expectations. Recent statements from Fed officials highlight their monitoring of multiple indicators. While core inflation has moderated somewhat, headline measures remain elevated due to energy components. This persistence suggests monetary policy may remain restrictive longer than previously anticipated, limiting gold’s upside potential despite other supportive factors. Other central banks face similar challenges. The European Central Bank continues to balance growth concerns against inflation risks. The Bank of England navigates particularly difficult circumstances with both energy and food price pressures. These global policy dynamics collectively influence gold’s appeal across different currency denominations. Institutional Positioning and Market Structure Commitments of Traders reports reveal interesting positioning trends. Managed money accounts have reduced net-long positions in gold futures over recent weeks. This adjustment suggests professional traders are taking a cautious approach amid conflicting signals. Meanwhile, physical demand remains robust in key markets, particularly from central banks and Asian buyers. Exchange-traded fund holdings provide additional insight. Global gold ETF assets have stabilized after several months of outflows. This stabilization suggests a base may be forming, with long-term investors returning to the market. The divergence between futures positioning and physical demand creates interesting market structure dynamics worth monitoring. Historical Context and Future Projections Current market conditions recall several historical periods. The 2011-2013 period saw gold trading in a similar range-bound pattern amid changing Federal Reserve policies and Middle East developments. More recently, the 2018-2019 period featured diplomatic engagement with North Korea alongside rising oil prices. These historical analogs provide perspective but not precise templates, given unique current circumstances. Looking forward, several scenarios could unfold. A breakthrough in US-Iran negotiations might initially pressure gold prices as risk premiums adjust. However, any resulting increase in Iranian oil exports could moderate energy prices, potentially reducing inflationary pressures. This complex chain reaction illustrates the interconnected nature of modern markets. Alternative scenarios include stalled negotiations or renewed tensions. Either development would likely support gold prices through traditional safe-haven channels. The key variable remains whether geopolitical or inflationary factors dominate market psychology in coming weeks. Current price action suggests investors await clearer signals before committing to directional positions. Conclusion Gold price analysis reveals a market caught between competing forces. Diplomatic progress between the United States and Iran creates potential downside pressure by reducing geopolitical risk premiums. Simultaneously, elevated oil prices maintain inflationary pressures that support gold’s traditional hedging characteristics. This tension explains the current consolidation within a well-defined trading range. Market participants should monitor both diplomatic developments and energy market dynamics for clues about gold’s next sustained move. The precious metal’s role as both geopolitical hedge and inflation protector ensures continued relevance regardless of which factor ultimately dominates. FAQs Q1: How do US-Iran talks specifically affect gold prices? Diplomatic progress typically reduces gold’s appeal as a safe-haven asset because it decreases geopolitical risk premiums. Successful negotiations could lead to increased Iranian oil exports, potentially moderating energy prices and inflation. Q2: Why does oil-driven inflation support gold prices? Gold traditionally serves as an inflation hedge. When oil prices rise, they increase production costs and consumer prices throughout the economy. Investors often turn to gold to preserve purchasing power during such periods. Q3: What technical levels are important for gold currently? Key support sits near $2,140-$2,150 per ounce, while resistance appears around $2,180-$2,200. The 50-day moving average at approximately $2,145 provides additional technical significance for market participants. Q4: How are central bank policies influencing gold markets? Persistent inflation, partly driven by energy costs, pressures central banks to maintain restrictive policies. Higher interest rates increase the opportunity cost of holding non-yielding gold, creating headwinds despite inflationary support. Q5: What should investors watch for in coming weeks? Key indicators include diplomatic statements from US and Iranian officials, oil inventory and price data, inflation reports, and Federal Reserve communications. Breaks above $2,200 or below $2,140 could signal the next sustained directional move. This post Gold Price Analysis: Steady Range Holds as US-Iran Talks Intensify, While Oil-Driven Inflation Threatens Gains first appeared on BitcoinWorld .

16 Apr 2026, 15:30

A New Bull Run? Bitcoin Investors Have Stopped Selling, And Demand Is Rising

Bitcoin flows into exchanges have dropped to levels not seen in over six years, and this could be the first of many signs of a bull run. The latest on-chain data shows a massive drop in the amount of BTC being moved onto trading platforms, hinting at a slowdown in selling activity even as uncertainty continues to hang over the crypto industry. Exchange Inflows Collapse To Multi-Year Lows According to analysis shared by CryptoQuant author Darkfost, Bitcoin inflows into Binance have fallen to levels last observed in 2020. The 30-day moving average of Bitcoin flowing into Binance is now around 3,998 BTC. This stands in stark contrast to earlier periods of activity, during both bear and bull markets. When investors are afraid, they sell. They move their Bitcoin onto exchanges , where liquidation is fast and easy. To put this into context, that is what happened in July 2023, when daily inflows to Binance were around 19,000 BTC on average, and again during the May 2021 bull market peak, when daily inflows surpassed 25,000 BTC. This analysis is based on the Binance BTC inflows 30DMA, which tells the story clearly. The chart shows that inflow activity that peaked somewhere around July 2021 and has since collapsed to its leftmost edge, where the current reading is around 3,900 BTC. For further reference, the historical average of Bitcoin inflows into Binance is 11,000 BTC, which means the figures show a market operating below its usual pace and current inflow levels are roughly three times below normal. Binance BTC Inflows 30DMA. Source: CryptoQuant Institutions Are Filling The Gap The absence of selling does not mean indifference. It reflects, according to Darkfost, a holding strategy, which mechanically reduces short-term selling pressure, one that has persisted through a market that has given investors plenty of reasons to reconsider. Bitcoin peaked at $126,080 in October 2025 before entering a correction path that pushed the price to as low as $60,000 in February 2026. The recovery back to $75,000 in recent days has been gradual and uneven. However, through all of it, for several consecutive months, Bitcoin inflows to Binance have remained well below the historical norm. There is also a secondary dynamic at play, and part of the missing exchange activity can be traced to the rise of spot Bitcoin ETFs. A growing share of Bitcoin activity now flows through ETFs, reducing the visible BTC movement that analysts track on platforms like Binance. US Spot Bitcoin ETFs have logged back-to-back days of significant inflows this week. On April 14, the ETFs recorded $411.5 million in net inflows, with BlackRock’s iShares Bitcoin Trust leading the charge at $214 million. Momentum continued on April 15 with another $186 million in net inflows. The result is a setup where selling pressure is reduced as fewer coins are sent to exchanges, while demand is increasing through ETF channels.

16 Apr 2026, 15:28

Polkadot-Ethereum Bridge Hack Losses Were 10x Worse Than Reported, Team Admits

Polkadot bridge protocol Hyperbridge said losses from this week's hack were 10x worse than originally reported, tallying about $2.5 million.

16 Apr 2026, 15:24

Exodus Broadens Native XRP Wallet Support as Ripple Partnership Deepens Around RLUSD and XRPL Growth

Native XRP wallet access is becoming more important as self-custody platforms compete on direct blockchain utility. Exodus expanded XRP Ledger support and deepened cooperation with Ripple, adding broader in-wallet functionality for XRP and RLUSD. Key Takeaways: Exodus is rolling out tools to manage and send XRP directly in-wallet. XRP demand drives deeper integration as usage