Spot crypto ETFs trading in the US saw $12.8 billion of inflows last month, a record high for the investment vehicles, according to Bloomberg senior analyst Eric Balchunas. This translates to $600 million in inflows per day, which is double the average.
“As a group that’s more than any single ETF did, incl[uding] the Might VOO,” Balchunas said in a social media post. “Further, every ETF in category took in cash (ex the converted Trusts) with Bitcoin and Ether making equal contributions.”
On July 14, bitcoin reached its all-time high of over $123,000, while ethereum climbed nearly 50% in the last 30 days to briefly touch the $3,900 level on July 28.
Jim Hwang, COO of crypto investment firm Firinne Capital, argued that strong inflows will extend into the future. “I strongly believe it will continue because institutions are really understanding how blockchains can update the financial rails,” Hwang told Sherwood News. “We’ll see more investors appreciating tokens that have real utility.”
