U.Today – With a steady stream of new investments, ETFs are having a banner year, says Bloomberg's Eric Balchunas. After a brief setback in June, momentum has returned with a vengeance. Daily investment rose to $300 million yesterday, bringing the weekly total to a staggering $1 billion.
The surge has brought the amount invested in Bitcoin ETFs so far this year to $16 billion, well above initial projections of $12 billion to $15 billion for the full year. And there are still six months to go, the expert reports.
However, when asked about the prospects for ETFs, Balchunas estimated that they could attract “around 20% of what we’ve seen with Bitcoin.” This suggests that the positive trend in the cryptocurrency ETF market is likely to continue.
Adding to the excitement, the SEC recently granted preliminary approval for Ethereum-linked ETFs. This paves the way for a bunch of new altcoin ETFs that could start trading as early as July 23.
This record surge in Bitcoin ETF investment shows that more and more people are interested in cryptocurrencies. ETFs are a well-known and regulated way to invest in the cryptocurrency market without having to deal with the hassles of buying and holding on your own.
If ETH ETFs become mainstream, it will likely be easier for more investors to get involved in this rapidly developing asset class.
This article was originally published on U.Today
