Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
The Materials Select Sector SPDR (NYSE: XLB) is down 13.7 percent this year, making it the second-worst performer among the nine sector SPDRs. The Market Vectors Coal ETF (NYSE: KOL), Market Vectors Gold Miners ETF (NYSE: GDX) and the Market Vectors Steel ETF (NYSE: SLX) are lower by 44.5 percent, 21.2 percent and 36.4 percent, respectively.
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With those data points in mind, it might seem like a death wish for a trading account to become involved with a metals and mining ETF of any type, let alone one that is heavy on gold miners, coal miners and steel producers.
Mr. Market seems to believe as much as the SPDR S&P Metals and Mining ETF (NYSE: XME) has shed 43.2 percent this year. XME's woes are easily explained. The ETF allocates nearly 48 percent of its weight to steel stocks and as if that is not bad enough, the fund devotes a combined 17.6 percent of its weight to coal and gold miners.
Again, it might be crazy to get involved with an ETF like XME even at that 43 percent tumble, but some traders apparently see upside in the moribund fund as evidence by some unusual upside call buying in the fund last week.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.