The Australian BTC ETF is set to be launched by the end of the year, as reported by Bloomberg, with U.S. Bitcoin ETFs amassing up to $58 billion in assets. Australia, along with other major markets like the United States and Hong Kong, are increasingly embracing Bitcoin ETFs as an investment option.
The Australian Securities Exchange Ltd. (ASX) has officially approved the first spot Bitcoin exchange-traded fund, which is scheduled to start trading on June 20. Fund issuers Van Eck Associates Corp. and BetaShares Holdings have reportedly filed ETF applications for approval, with VanEck planning to launch the spot Bitcoin ETF by the end of the year. This move follows the success of similar products in the U.S., which currently hold around $53 billion in assets under management.
VanEck’s CEO, Arian Neiron, highlighted in a press release that Bitcoin is becoming a significant asset class, and the VanEck BTC ETF (VBTC) aims to provide easier access to Bitcoin by managing acquisition, storage, and security aspects.
In response to the market demand in Australia, crypto investment company Monochrome Asset Management recently listed IBTC on the Cboe Australia exchange, allowing Australian investors to access Bitcoin (BTC) through a regulated framework. This follows the launch of the Global X 21 Shares Bitcoin ETF (EBTC) in April 2022.
Australia’s $2.3 trillion pension market is expected to drive Bitcoin ETF inflows, as pensioners explore digital assets as an alternative investment option. The daily net inflow of the U.S. BTC spot ETF currently stands at $190.08 million, with a significant net outflow of $226.2 million reported yesterday.
Despite reaching above $69,000 three days ago, the Bitcoin price has since dropped by 1.13% to $66,238 today, showing a 4.60% decrease over the past week. BTC has experienced notable volatility this week, with trading volume down by 5.39%, according to CMC.
In other news, the Governor of Oklahoma has signed a bill exempting sales tax for Bitcoin mining.
