WGMI:NASDAQCoinShares Bitcoin Mining ETF Analysis
Data as of 2026-05-10 - not real-time
Latest Price
Risk Level: High
Executive Summary
The CoinShares Bitcoin Mining ETF (WGMI) is trading at $58.02, comfortably above its $41 support level but still below the $60.83 resistance, indicating room for further upside. Technicals are bullish, with the 20‑day SMA (50.06) sitting above both the 50‑day (42.99) and 200‑day (42.44) averages, a bullish MACD histogram (+0.91) and a bullish MACD signal line. Momentum is high as reflected by an RSI of 68.7, bordering on overbought, while volume is on an increasing trend, supporting the price advance. The fund has delivered a strong YTD return of 25.96% amid an "Extreme Greed" market sentiment (Fear & Greed Index 90.73), but its 30‑day volatility is elevated at 73% and beta is steep at 3.41, underscoring heightened price swings. A max drawdown of -50.9% and an expense ratio of 0.75% add to the risk profile, though tracking error is negligible and there is no premium/discount distortion. Overall, WGMI presents a high‑conviction bullish case in the short‑to‑medium term, tempered by sector concentration and volatility risks for longer horizons.
Market Outlook
Short Term
< 1 yearKey Factors
- price approaching resistance at $60.83
- RSI in overbought territory (68.7)
- strong bullish MACD and rising volume
Medium Term
1–3 yearsKey Factors
- bullish SMA crossover (20 > 50 > 200)
- YTD return +26% and extreme greed sentiment
- high beta offering upside in a crypto rally
Long Term
> 3 yearsKey Factors
- high sector concentration in Bitcoin mining
- historical max drawdown of -50.9% indicating downside risk
- elevated volatility (73% 30‑day) and expense ratio of 0.75%
Key Metrics & Analysis
Fund Metrics
Technical Analysis
Risk Assessment
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This analysis may contain inaccuracies and is provided for informational and research purposes only. It is not personal investment advice, a recommendation, or an instruction to buy, sell, or hold any asset.