Robinhood users are buying U.S. blockchain ETFs, pushing number of holders to 2020 highs

The number of users on trading app Robinhood who hold blockchain-related exchange-traded funds (ETF) hit a high for 2020 this week.

As noted in the charts below, the data accounts for the three largest U.S.-based ETFs — BLCN, BLOK and LEGR — available to traders.

Source: Robintrak, The Block

Source: Robintrak, The Block

Source: Robintrak The Block

The data reflects a rebound from a drop reported in mid-April by The Block Research’s Steven Zheng, based on data from March. It appears that a rebound began to take shape over the course of April, based on the trajectory of the charts.

Still, the figures don’t represent all-time highs in terms of the number of holders for two of the three ETFs. As the below chart for BLOK shows, the latest data signifies a return to levels last seen in mid-2019.

Source: Robintrak

Holders of BLOK and BLCN are down 33% and 45%, respectively, from their all-time highs, whereas LEGR has hit an all-time high for the number of holders. Still, both BLOK and BLCN have seen year-to-date holder growth.

In terms of price, BLOK and BLCN are up 6% and 8%, respectively, and LEGR is down 6% year-to-date.

A possible culprit: a rebound in stock markets after the tumult seen earlier this year, when the impact of the coronavirus pandemic and its economic impact was most strongly felt. The Dow Jones, for example, has slowly moved higher since last falling below 20,000 points in late March. Appreciation in the price of bitcoin — which is up 34% since the start of the year — may also be a factor.