Recent data from senior Bloomberg analyst Eric Balchunas reveals that US crypto ETFs outperformed Vanguard’s renowned S&P 500 ETF (VOO) in July.
In a series of posts on the social media platform X, Balchunas highlights that US crypto ETFs attracted a remarkable $12.8 billion in inflows in July, surpassing all other ETFs, including VOO, which currently manages assets worth $713.13 billion.
“US Crypto ETFs took in $12.8 billion in July, marking their best month ever at a pace of $600 million per day, which is about double the average. This total inflow surpassed any single ETF, including the Mighty VOO. Additionally, every ETF in this category received cash inflows, with Bitcoin and Ether contributing equally. This performance is considered the most dominant since the Eagles defeated the Chiefs in the Super Bowl. It will be challenging to surpass.”
Balchunas also mentions that BlackRock’s iShares Bitcoin Trust ETF (IBIT) is performing well and attracting new investors.
“An astonishing statistic: 75% of investors who purchased IBIT ($87 billion from one million individuals) were new BlackRock customers. Furthermore, 27% of these investors went on to buy another iShares ETF. This is a significant achievement for BLK across the board.”
According to Balchunas, IBIT, launched in January 2024, played a significant role in Bitcoin’s substantial price growth over the last two years.
“1) ETFs hold BTC at a 1:1 ratio without any lending or paper IOUs. ETFs are transparent, and every dollar of AUM is directly linked to the corresponding amount of Bitcoin.
2) Looking at the bigger picture: Bitcoin has surged by nearly 300% since BlackRock’s notable filing two years ago, with ETF flows playing a major part.
3) Based on discussions, the selling pressure is coming from original Bitcoin enthusiasts who are displeased with Wall Street and the government embracing BTC. They seem to prefer BTC without intermediaries like Sam Bankman-Fraud.”
At the time of writing, Bitcoin is trading at $113,763, experiencing a 3.2% decline for the day, while IBIT and VOO are valued at $64.27 and $572, respectively.
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