As a seasoned crypto investor with a keen interest in the global market trends, I’m thrilled to see the growing demand for Bitcoin ETFs outside of the US. The debut of the VanEck Bitcoin ETF on the Australian stock exchange today is an exciting development, and I believe it’s just the beginning of a larger trend.
Following a successful launch in the United States, there is growing interest in bitcoin ETFs outside of America. Starting today, June 20, investors can trade the VanEck Bitcoin ETF on the Australian stock exchange – marking the first time a Bitcoin ETF is listed on this major exchange.
The VanEck Bitcoin ETF, which is set to begin trading on ASX Ltd.’s exchange with an initial investment of A$985,000 ($657,000), serves as a feeder fund for the $647 million VanEck Bitcoin Trust based in the US. In simpler terms, this means that the Australian ETF will invest in Bitcoin and then transfer its holdings to the larger trust in the United States.
Australia Planning to Introduce More Bitcoin ETF Offerings Very Soon
Based on recent findings, Sydney-based DigitalX Ltd. and BetaShares Holdings Pty. are actively collaborating to list their Exchange-Traded Fund (ETF) products on Australia’s leading stock exchange, ASX. Nevertheless, a representative from ASX disclosed that at present, VanEck is the only applicant who has received approval for listing their ETF offerings on the exchange. The ASX remains in ongoing communication with other issuers as they continue to assess applications.
As a crypto market analyst, I’d like to point out that there are currently three cryptocurrency Exchange-Traded Funds (ETFs) operational on CBOE Australia, the secondary Australian stock exchange. These funds include Global X 21Shares Bitcoin, Global X 21Shares Ethereum, and Monochrome Bitcoin. Collectively, they manage assets worth around $90 million.
As a researcher studying the cryptocurrency market, I’ve observed an exciting development: The US-listed Bitcoin Exchange-Traded Funds (ETFs) were launched back in January and immediately gained significant traction with substantial inflows. However, recent uncertainty surrounding the Federal Reserve has led to outflows for these Bitcoin ETFs over the past few trading sessions.
In addition to the United States, some of the most cryptocurrency-open jurisdictions in the Asia Pacific area are exhibiting strong enthusiasm towards launching Bitcoin Exchange-Traded Funds (ETFs). According to a note from Bloomberg Intelligence Senior ETF Analyst Rebecca Sin, the potential size of the virtual asset ETF market in this region could surpass $3 billion within the next few years. Among the leading contenders – Hong Kong, Australia, and South Korea – it’s anticipated that each will account for roughly equal portions of this growing market.
Top Banks to Approve BTC ETFs
According to the most recent Bernstein analysis, leading banks and significant warehouses are nearing acceptance for some prominent Bitcoin ETFs. In contrast, as the popularity of spot Bitcoin ETFs wanes, skeptics foresee that they have reached their end for the time being.
According to critics’ perspective, the majority of the initial investments in Exchange-Traded Funds (ETFs) come from retail investors, while institutional participation is mainly confined to “cash and carry” transactions instead of holding net long positions. This viewpoint suggests that ETF investment flows may not truly reflect market trends, as discussed in a note to clients by Gautam Chhugani and Mahika Sapra on Tuesday.
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2024-06-20 08:04