OKX Research: Limited Boost from Miners ETF Amid Rate Hike Expectations

OKX Research

On February 7, 2022, according to a Nasdaq filing: the Bitcoin Miners ETF submitted by crypto assets management company Valkyrie was approved for listing on Nasdaq under the ticker WGMI. On its first day of trading, WGMI rose 6.6%, with trading volume exceeding 150,000 shares.

According to OKX market data: Bitcoin price strengthened around the news and broke above the $45,800 level, reaching a one-month high. The approval of this Miners ETF for Trading was also viewed within certain circles as a "booster shot" to reverse the market's downward trend.

Why does the approval of the Bitcoin Miners ETF have a special connection to market movements? What exactly is an ETF? And what does a Bitcoin ETF mean for the crypto financial market? Below, we will walk you through each of these questions.

1. What Is a Bitcoin ETF and What Is Its Significance?

First, some background on Bitcoin ETF.

ETF (Exchange Traded Fund), also known as an exchange-traded fund, is an open-ended fund listed on an exchange with variable fund units. This regulated, compliant financial product allows funds to be listed and freely traded on trading platforms like stocks, providing retail investors with compliant investment options. Crypto industry participants have long期盼着a Bitcoin ETF approval. The success of gold ETFs serves as a compelling explanation for this strong anticipation:

In 2003, Australia launched the world's first gold-backed ETF. In October of the following year, the US ETF GLD received SEC approval and officially began trading in November. This meant the barrier to gold investment was significantly lowered, and new traders could gain gold exposure more easily through ETFs.

As more traders and funds flowed in, gold began a long-term bull cycle. As shown in the price chart below: several years after the ETF GLD approval, gold prices surged from the $410–440 range to a peak of around $1,900, representing a cumulative gain of over 340%.

If a Bitcoin spot ETF passes SEC approval and officially launches, it would most likely replicate gold's trajectory driven by a steady flow of funds—its importance is self-evident. This is also why the market is particularly sensitive to all types of ETF-related news.

2,Market Expectations Rise, but SEC Rejects BTC Spot ETF Applications Six Times

In 2016, Bats BZX Exchange submitted an application to the Securities and Exchange Commission (SEC) for the Winklevoss Bitcoin Trust product—the earliest verifiable formal Bitcoin ETF application on record—which was rejected by the SEC on grounds of "preventing price manipulation and market fraud." Over the following several years, dozens of companies and institutions submitted Bitcoin ETF applications to the SEC, but none were approved.

In 2021, a breakthrough for Bitcoin ETFs emerged: during the first quarter, Canadian asset management company Purpose Investments Inc. received approval from the Ontario Securities Commission to issue a Bitcoin exchange-traded fund (ETF)—the world's first Bitcoin ETF. Subsequently, Canada approved the Evolve Bitcoin ETF and CI Galaxy Bitcoin ETF in succession. According to OK Link data: Purpose BTC ETF holdings once exceeded 30,000 Bitcoin.

Possibly influenced by the aggressive policies of Canada, Brazil, and other countries, the US SEC also began reconsidering Bitcoin-related ETFs and adjusted its longstanding stance of "delaying and rejecting."

On October 19, 2021, the Bitcoin futures ETF offered by US financial services provider Pro Shares passed SEC review and officially began trading on the NYSE under the ticker BITO. According to Bloomberg data, the ETF saw over 24 million units traded, with total trading volume on its first day approaching $1 billion—second only to BlackRock's carbon-neutral ETF, making it the second-highest first-day trading volume in ETF history.

The approval of the Bitcoin futures ETF gave the market a glimpse of the infinite possibilities for a spot ETF at that time. But unfortunately: the SEC subsequently rejected Bitcoin spot ETF applications six times. It should be noted that the difference in participation barriers and comprehension costs between Bitcoin futures ETFs and spot ETFs is roughly similar to the difference between Bitcoin contracts (futures) trading and spot trading. Therefore, the approval of the Bitcoin futures ETF still had limited impact.

3. This "ETF" Is Not That "ETF"

In 2021, the year was undoubtedly filled with positive developments for Bitcoin and the broader crypto market: Tesla supported Bitcoin payments, El Salvador announced Bitcoin as legal tender, Coinbase successfully listed on Nasdaq, MicroStrategy and other institutions continued buying, and a series of ETFs launched across major economies.

It is evident that Bitcoin's mainstream acceptance underwent a qualitative shift during this year. Driven by one positive development after another, Bitcoin rallied to a new high of $69,000 and posted a 60% annual gain—outperforming gold (-3.6%), crude oil (56%), the Nasdaq Index (26%), and even Tesla (49%), which was all the rage the previous year.

In 2022, the digital assets market was full of uncertainty:

On one hand, US inflation levels hit a nearly 40-year high, and CPI data in the US and UK both broke through multi-decade highs. Curbing inflationary growth has become a shared global topic, hawkish rhetoric has intensified, and rate hike expectations continue to build. Once monetary policy tightens, the global liquidity flood fueled by quantitative easing will become a thing of the past, and as the tide of abundant liquidity recedes, financial markets will suffer downturns.

On the other hand, investors remain concerned about future market prospects given historical Bitcoin halving cycle patterns. Under these circumstances, whether the SEC approves the Bitcoin spot ETF has become a decisive factor in helping the market regain strength. Therefore, some market participants viewed the listing of the Bitcoin Miners ETF on Nasdaq as a key turning point for the crypto market to break out of its three-month downward trend.

However, it should be noted that this "ETF" is not that "ETF." Unlike Bitcoin futures and spot ETFs, which are classified as quasi-virtual securities, Bitcoin miners fall under the real economy sector. Therefore, the Bitcoin Miners ETF only needed to pass Nasdaq review to launch. In other words: the listing and trading of the Miners ETF cannot be used to judge whether the SEC's attitude toward Bitcoin spot ETFs has changed.

Around the same time, the SEC sought public comment on several Bitcoin spot ETF applications, asking the public to provide feedback on whether this type of ETF and Bitcoin itself are susceptible to manipulation and fraud. It also extended the review process for Global X's Bitcoin ETF application, pushing the decision date to April 20.

Currently, the likelihood of Bitcoin spot ETF approval has not improved. Moreover, the Bitcoin Miners ETF tracks various mining companies and has no direct correlation with Bitcoin's price or fund inflows—外界cannot use it as a means to directly gain Bitcoin exposure. Therefore, retail investors should not assume that the approval of the Bitcoin Miners ETF is directly linked to the future prospects of Bitcoin spot ETFs.

All in all, the approval of the Bitcoin Miners ETF this time cannot be seen as a turning point signaling a shift in the SEC's attitude, nor as a major positive catalyst to boost market confidence. The future trajectory of the crypto market externally depends mainly on the extent of global monetary policy tightening, changes in the international landscape, and whether spot ETFs pass SEC approval. Internally, it depends on whether the ecosystem development over the past year can provide stronger support for sustained upward momentum, and whether infrastructure development can achieve breakthrough progress.

But regardless of whether Bitcoin spot ETF is temporarily approved or not, the momentum of the crypto market's蓬勃发展 has not been halted. In the long run, the growth potential of crypto assets is far from reaching its ceiling, sufficient to support long-term bull market expectations.

Disclaimer

This article may contain product content not applicable to your region. This article is intended to provide general information only and makes no representations about any factual errors or omissions. This article represents the author's personal views only and does not constitute the views of OKX. This article is not intended to provide any advice, including but not limited to: (i) investment advice or investment recommendations; (ii) offers or solicitations to buy, sell, or hold digital assets; or (iii) financial, accounting, legal, or tax advice. Holdings in digital assets (including stablecoins) involve a high degree of risk and may fluctuate significantly, or even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation. For questions specific to your circumstances, please consult your legal/tax/investment professional. The information contained in this article (including market data and statistics, where applicable) is for general reference purposes only. Although we have taken all reasonable precautions in preparing such data and charts, we make no representations and accept no responsibility for any factual errors or omissions expressed herein. © 2025 OKX. This article may be reproduced or distributed in its entirety, or excerpts of 100 words or fewer may be used, provided that such use is for non-commercial purposes. Any reproduction or distribution of the full article must prominently state: "This article is copyrighted © 2025 OKX, used with permission." Permitted excerpts must cite the article name and include the source, e.g., "Article name, [author name (if applicable)], © 2025 OKX." Some content may have been generated or assisted by artificial intelligence (AI) tools. Derivative works and other uses of this article are not permitted.

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