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.
Global X on Thursday said it had posted its strongest month of flows on record in July, attracting $370 million in net inflows, with a significant amount going to US assets.
The company’s 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.