According to Eric Balchunas, USO is now the fifth most traded ETF, marking a significant comeback after its near collapse during the negative oil price events of COVID-19. USO had to diversify away from front-month contracts to survive, demonstrating strong resilience in volatile energy markets (source: Eric Balchunas on Twitter, June 18, 2025). Traders are watching renewed interest in USO for potential spillover effects on energy-related crypto assets and tokenized commodity products, which often react to dramatic shifts in traditional commodity markets.