US crypto ETFs best Vanguard’s S&P 500 fund with record-high $12.8 billion of inflows in July: analyst
July now ranks as U.S.-based crypto ETFs' best month ever in terms of capital inflows, according to Bloomberg Senior ETF Analyst Eric Balchunas.
"U.S. Crypto ETFs took in $12.8b in July, the best month ever, a $600m/day pace, about double average," Balchunas posted to X on Friday. "As a group that's more than any single ETF did, including the Mighty VOO. The Vanguard S&P 500 ETF, ticker VOO, became the world's largest exchange-traded fund earlier this year when it hit $632 billion in assets under management (AUM).
The world's largest crypto-based ETF, BlackRock's spot Bitcoin fund, ticker IBIT, has $85 billion in assets under management, according to The Block Data Dashboard.
Spot Bitcoin ETFs are, by capital inflows and assets under management, the most popular of listed crypto-based, exchange-traded funds. Last year, spot Ethereum ETFs launched and now cumulatively have nearly $19 million in assets under management, according to The Block Data Dashboard. BlackRock's ETHA fund leads the way with over $11 billion in AUM.
Earlier this month, the REX‑Osprey Solana ETF went live. The number of spot crypto ETFs is poised to grow with issuers applying for the right to list funds tracking the price of digital assets like Dogecoin, XRP, and Cardano.
Bitcoin price, whales selling?
July's record month coincided with Bitcoin hitting a new all-time high during the calendar period. On Friday, Balchunas was asked online why the rise in inflows hasn't impacted the price of Bitcoin more substantially. In his reply, Balchunas seemed to throw a bit of shade at Bitcoin treasury companies, many of which have been selling stock or borrowing money to buy the cryptocurrency.
"[A] few points: 1) ETFs hold BTC at a 1:1 ratio, there is no lending there is no paper IOUs. ETFs are clean and above board and every dime of AUM is connected to the proportional Bitcoin," Balchunas said on X. "Zoom out: Bitcoin is up nearly 300%(!) since the infamous BlackRock filing two years ago."
Balchunas went on to echo a statement made by top Bitcoin miner MARA CEO Fred Thiel who suggested earlier this week a lot of large BTC holders have been selling recently amid the digital asset's price peaking.
"From what I am hearing on here the selling is annoyed OGs who don't like that Wall Street and [government] has adopted BTC," said Balchunas.
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