Bloomberg analyst Eric Balchunas revealed that several crypto ETFs have “done the near impossible” by beating the S&P 500 from January 2023 to date.
Here’s some ETFs that have done the near-impossible: beaten the S&P 500 with little to no $NVDA exposure. exposure. It’s mostly crypto theme ETFs, homebuilders, fintech and $DXJ which is having a nice rebirth via @psarofagis pic.twitter.com/X6ghNBxvY8
— Eric Balchunas (@EricBalchunas) June 25, 2024
What is surprising is that these ETFs outperformed the S&P index despite having minimal exposure to NVDA, which has seen a growth of more than 560% in the same time frame.
Cryptocurrency ETFs often hold shares of Nvidia to gain indirect exposure to the growth of the cryptocurrency industry. Considering that Nvidia’s graphics processing units (GPUs) are largely used by cryptocurrency miners, crypto ETFs often invest in the company’s shares to benefit from the demand. the company’s growing hardware.
The current crypto bull market may have contributed to the impressive performance of these crypto ETFs. The inflow of money following the approval of a spot Bitcoin ETF and increased institutional adoption are likely to be key factors driving their performance.
Bitcoin ETFs record inflows 7 days after divestment
Spot Bitcoin ETFs in the US ended a seven-day streak of divestments on Tuesday, raking in a total of $31 million.
Source: Sosovalue
Fidelity’s FBTC led inflows with $49 million, followed by Bitwise’s BITB which recorded $15 million inflows. VanEck’s HODL also saw a net inflow of $4 million.
On the other hand, Grayscale’s GBTC and Ark Invest’s ARKB and 21Shares’s saw net outflows of $30.3 million and $6 million, respectively.
BlackRock’s IBIT, the largest spot Bitcoin ETF by net asset value, had no cash flows, despite a daily trading volume of $1.1 billion on Tuesday. Other funds from Invesco and Galaxy Digital, Valkyrie and Franklin Templeton also recorded zero cash flows yesterday.
The 11 Bitcoin spot ETFs, launched in January, have accumulated a total net inflow of $14.42 billion as of Tuesday.
Itadori
Bitcoin Magazine
