WGMI: The Bitcoin Mining ETF Pares 2024 Gains, Eyeing An Entry Idea
- Bitcoin's historical seasonality shows strong returns from December through February, with a median December gain of 8.6%, supporting optimism for a year-end rally.
- The CoinShares Valkyrie Bitcoin Miners ETF could benefit from Bitcoin's potential rally, though it currently faces overbought conditions and high volatility.
- WGMI's portfolio is concentrated, with 50% in its top four holdings, and has a high P/E ratio of 37.5, suggesting caution.
- Despite long-term positive trends, I maintain a hold rating on WGMI due to its stretched valuation and near-term technical warning signs.
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Bitcoin (BTC-USD) tends to end the year well. In data going back to 2010, the token has typically returned 11.3%, on average, in December. The median gain is 8.6%, according to data from Barchart. Median returns over in January and February are strong too, while March has
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