Bitcoin ETFs Are Having a Banner Year, With a Steady Stream of New Investments

After a brief pullback in June, momentum has returned with a vengeance. Daily investment surged to $300 million yesterday, bringing the weekly total to a staggering $1 billion.

Bitcoin exchange-traded funds (ETFs) are having a banner year with a steady stream of new investments, according to Bloomberg's Eric Balchunas.

After a brief pullback in June, the momentum has returned with force. Daily investment surged to $300 million yesterday, bringing the weekly total to an impressive $1 billion.

The surge has pushed the year-to-date amount invested in Bitcoin ETFs to $16 billion, far exceeding the initial projections of $12-15 billion for the full year. And there are still six months to go, reports the expert.

When asked about the prospects of Ethereum ETFs, though, Balchunas estimated that they could attract "about 20% of what we've seen with Bitcoin." This suggests that the positive trend in the crypto ETF market is poised to continue.

The Bitcoin ETFs are in "two steps forward" mode after one step back in June with another +$300m yesterday and $1b for the week. YTD net total (the most imp number in all this) has crossed +$16b for the first time. Our est for the first 12mo was $12-15b so already cleared that w 6mo to go.

Adding to the excitement, the SEC recently granted preliminary approval for ETFs linked to Ethereum. This paves the way for a slew of new altcoin ETFs that could start trading as early as July 23.

This record-breaking surge in Bitcoin ETF investment highlights the growing interest in cryptocurrency among the masses. ETFs are a popular and regulated avenue for investors to gain exposure to the crypto market without the hassle of buying and holding on their own.

If ETH ETFs do materialize, it will likely further open up this fast-evolving asset class to more investors.

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