- The Australian BTC ETF will be executed by the year’s end.
- U.S. Bitcoin ETFs have mounted up to $58 billion: Bloomberg.
Australia and other major markets such as the United States and Hong Kong are embracing Bitcoin ETFs as an investment option. Along the line, the Australian Securities Exchange Ltd. (ASX), has officially approved the first spot Bitcoin exchange-traded fund. It will begin trading on June 20.
Fund issuers like Van Eck Associates Corp. and BetaShares Holdings. have allegedly filed ETF applications to get approved shortly. VanEck will be issuing the spot Bitcoin ETF by the end of this year. This follows Bitcoin ETFs’ traction by similar products in the U.S., which have accumulated around $53 billion in assets under management.
The chief executive officer for VanEck, Arian Neiron said in the press release, that Bitcoin is emerging as an important asset class. The VanEck BTC ETF (VBTC) offers more access to Bitcoin by managing complex aspects such as acquisition, storage, and security, making it easier.
Australia’s Market Response
Recently, Australian crypto investment company Monochrome Asset Management has listed IBTC on the Cboe Australia exchange, which started trading on June 4.
This allows Australian investors to directly access Bitcoin (BTC) through a regulated framework. Previously, in April 2022, the Global X 21 Shares Bitcoin ETF (EBTC) was the first Bitcoin ETF in Australia.
Moreover, Australia’s pension market of $2.3 trillion will be playing a role in pushing Bitcoin ETF inflows. Pensioners are stirred up to explore digital assets as an alternative investment option.
Currently, the daily net inflow of the U.S. BTC spot ETF is $190.08 million. Notably, a large net outflow of $226.2 million was noted yesterday.
Meanwhile, the Bitcoin price went above $69,000 three days before and dropped 1.13%, reaching $66,238 today. Over the past week, it was down by 4.60%. BTC has shown remarkable volatility this week and the trading volume is down by 5.39%, according to CMC.
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