Broad U.S. Equity ETFs
Surbhi Jain
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January 9, 2025
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Benzinga
Surbhi Jain
·
January 9, 2025
·
Benzinga
Bitcoin (CRYPTO: BTC) ETFs delivered over 100% gains in 2024. That’s four times the returns of the S&P 500 index. The Roundhill Magnificent Seven ETF (NASDAQ:MAGS), meanwhile, lagged at 65%, proving the tech elite can't always keep up with crypto.
The SPDR S&P 500 ETF Trust (NYSE:SPY), a reliable proxy for the S&P 500, posted a respectable 24.4% gain over the past year.
It has faltered recently, dropping 2.51% over the last month.
Chart created using Benzinga Pro
With the stock price below its eight-, 20- and 50-day simple moving averages, SPY's technical outlook remains strongly bearish.
That said, a glimmer of hope lies in its 200-day SMA (simple moving average), which signals a bullish undertone at $555.48 compared to SPY's current $589.49 price. Short-term pain may precede long-term gains, as buying pressure hints at future bullish movement.
Read Also: Is SPY Losing Its Spark? The S&P 500’s Risk Conundrum
The iShares Bitcoin Trust ETF (NASDAQ:IBIT), a proxy of Bitcoin performance, crushed benchmarks with a 100.3% return in 2024.
Chart created using Benzinga Pro
Despite a slight 2.54% dip last month, IBIT's long-term technicals remain robust, trading well above its 200-day SMA at $40.17. However, recent selling pressure and a price of $53.34 below its eight and 20-day SMAs indicate a short-term bearish trend.
With Bitcoin ETFs delivering unmatched growth, even slight headwinds haven't dampened their shine.
The Roundhill Magnificent Seven ETF (NASDAQ:MAGS), a barometer for the magnificent seven tech giants, climbed 64.89% last year, a commendable performance but still lagging Bitcoin ETFs.
The MAGS ETF offers equal-weight exposure to the Magnificent Seven stocks:
Chart created using Benzinga Pro
MAGS has mostly stalled in recent months, with a 0.24% gain over the past month and signs of short-term selling pressure.
Its price of $55.04 sits below its eight and 20-day SMAs but above the 50 and 200-day SMAs, reflecting a mix of caution and resilience. As tech struggles to regain momentum, investors may seek opportunities elsewhere.
Crypto steals the spotlight as SPY and MAGS navigate choppy waters. Can Bitcoin ETFs keep their lead in 2025?
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