How iShares Bitcoin Trust ETF Jumped as Much as 4.9% Today

Key Points

• The iShares Bitcoin Trust ETF gained 4.6% Monday (with a 4.9% peak earlier in the day).

• Monday's broad market optimism lifted stocks, gold, and cryptocurrencies alike after last week's inflation-driven sell-off.

• Short-term price correlations like this tight, crypto-to-stock pairing don't necessarily undermine Bitcoin's potential as a long-term portfolio hedge.

• 10 stocks we like better than iShares Bitcoin Trust ›

Shares of iShares Bitcoin Trust ETF (NASDAQ: IBIT) surged as much as 4.9% higher on Monday, reflecting an identical Bitcoin (CRYPTO: BTC) gain over the weekend.

The bulk of the leading cryptocurrency's gains were spread across a 2.5% jump on Sunday and another 2% surge near 10 a.m. Monday. Of course, investors in the exchange-traded fund (ETF) simply experienced a higher opening price followed by today's smaller increase.

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By 3:30 p.m. ET on Monday, Bitcoin and the popular ETF had backed down to a 4.6% gain from last Friday's closing bell.

Almost everything's up today, including Bitcoin

Monday was a generally bullish day for investors (apart from plunging oil prices). The major stock indexes posted modest gains; gold prices rose to another all-time record; and many cryptocurrencies bounced back from last week's price drops. Last Thursday's unflattering inflation report started the instability, followed by a potential government shutdown.

The shutdown still looks plausible, but it's hard to predict its effects on the American economy and investor markets. But the S&P 500 (SNPINDEX: ^GSPC) is back where it was before the spooky inflation report. Bitcoin and the iShares Bitcoin Trust ETF are showing similar patterns.

Bitcoin's identity crisis continues

It's kind of funny how tightly Bitcoin (and its spot-price ETFs) are tracing the stock market in times like these -- in brief time spans. The so-called "digital gold" was supposed to be detached from stock market trends, acting as a long-term hedge against broader market trends.

Image source: Getty Images.

Then again, I'm not talking about a multiyear time period here. Bitcoin's market-tracking price swings took place over one weekend and the following Monday. And with a market-beating 79% price gain over the last 52 weeks (versus a 15% gain in the S&P 500), Bitcoin is holding its own in the longer term.

So if you're looking for a hedge against volatile stock markets right now, Bitcoin and its ETFs actually make some sense. The economy-based price moves of the weekend seem to undermine this theory, but again, that's comparing short-term apples to long-term oranges.

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Anders Bylund has positions in Bitcoin and iShares Bitcoin Trust. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.