Crypto exchange-traded funds on U.S. exchanges recorded their strongest month ever in July, attracting $12.8 billion in net inflows as investor enthusiasm surged alongside rising token prices and optimism around regulation.

The data, reported by Bloomberg Intelligence’s Eric Balchunas, marks a new monthly record for the sector. The only month that came close was November 2024, when markets rallied on the election of Donald Trump, who was widely viewed as favorable to crypto interests.

This time, bullishness may be driven less by politics and more by fundamentals. The crypto market, as tracked by the CoinDesk 20 Index, jumped over 21% in July. Bitcoin (BTC) rose 7%, topping a new all-time high of $122,408 during the month.

Much of the action centered around BlackRock’s iShares Bitcoin Trust (IBIT), which has quietly grown into a financial giant. With over $86 billion in assets, IBIT now outpaces established ETFs like the S&P 500-tracking IVV and the Russell 2000’s IWM. The fund’s higher fee structure makes it more lucrative for BlackRock than even its flagship equity products.

These gains may be just the beginning. Earlier this week, the Securities and Exchange Commission approved in-kind creation and redemption for all spot Bitcoin and Ethereum ETFs, a technical change that’s expected to improve efficiency and appeal for institutional investors.

For large asset managers, in-kind redemptions let them swap crypto assets without triggering taxable events or facing liquidity crunches—making the funds easier and cheaper to manage at scale.

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