Both Australian bitcoin spot ETFs (VanEck’s bitcoin ETF and Monochrome’s IBTC) have been accumulating bitcoin holdings since their launch earlier this year. The sustained inflows highlight the growing demand for bitcoin in the region.
VanEck's bitcoin ETF debuted on the Australian Securities Exchange (ASX) on June 20 after receiving regulatory approval. It has attracted $40.72 million in assets under management (AUM).
Meanwhile, the Monochrome bitcoin ETF (IBTC) began trading on smaller exchange CBOE Australia on June 4. Despite its lower AUM, IBTC continues to see small but steady inflows.
As of August 28, IBTC held around 123 bitcoins worth $7.4 million. The fund has continually bought btc on dips, regardless of price action or sentiment.
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Monochrome bitcoin ETF (Ticker: twitter.com/search?q=%24IBTC&src=ctag&ref_src=twsrc%5Etfw”>$IBTC
— Monochrome (@MonochromeAsset) twitter.com/MonochromeAsset/status/1829039984768434559?ref_src=twsrc%5Etfw”>August 29, 2024
This is in contrast to U.S. spot bitcoin ETFs, which have faced capital outflows amid bitcoin’s failure to convincingly break above $60,000. Notable products from Ark Invest and Grayscale suffered significant withdrawals this week.
While assets under management remain low, Australian ETFs are growing steadily. Sustained inflows indicate growing interest in bitcoin in the region. Rising demand for regulated investment vehicles may drive mainstream acceptance. If growth continues, Australian spot bitcoin ETFs could emerge as significant sources of btc demand.
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