Bitcoin’s growth was eclipsed by rival decentralised blockchain Ethereum in July as enthusiasm for exchange-traded funds surged among Australian traders to record highs.
Trading giant Global X on Thursday said it posted its strongest month of flows on record last month, recording $370 million in net inflows – with a significant amount going into US assets.
Global X Senior Product and Investment Strategist Marc Jocum said confidence in US exceptionalism and artificial intelligence were two of the trend’s key drivers.
Ethereum, one of Bitcoin’s main rivals, grew by 57 per cent in July, making it the best performing ETF on the Australian market.
Bitcoin rose by 12 per cent during the same time period.
In the US in July, Bitcoin ETFs experienced $6.3 billion in flows.
Ethereum ETFs had flows of $5.5 billion.
The $370 million surge in funds into Global X’s ETFs marks a 60 per cent increase on the previous record month, which was set in July 2024.
Global X FANG+ ETF (FANG) experienced over $100 million in inflows in July, a record for the tech fund which is comprised primarily of US technology giants, including Amazon and Netflix.