The Australian Stock Exchange (ASX), Australia's largest stock exchange, recently approved the listing of its first spot bitcoin exchange-traded fund (ETF).
The VanEck bitcoin ETF (VBTC), which will begin trading on June 20, will be issued by asset management company VanEck. This approval follows VanEck's successful launch of the VanEck bitcoin Trust (HODL) in the United States earlier this year.
Australian bitcoin ETF Market Heats Up
VanEck's CEO for the Asia Pacific RegionArian Neiron, highlighted the growing demand for exposure to bitcoin in Australia, particularly through regulated and transparent investment vehicles.
Recognizing bitcoin as an emerging asset class, Neiron emphasized that VBTC would simplify advisors' and investors' access to bitcoin by managing the complexities associated with acquiring, storing, and securing digital assets.
bitcoin-etf-to-list-on-australia-s-bourse-in-global-wave” target=”_blank” rel=”noopener nofollow”>According According to Bloomberg, in addition to VanEck, other players in the Australian market are preparing to present their spot-bitcoin and ethereum (eth) funds. Sydney-based BetaShares Holdings Pty and DigitalX Ltd. are reportedly working to list their offerings on Australia's leading directory.
In particular, BetaShares intends to soon launch ethereum and bitcoin spot ETF funds to meet “the growing demand” for diversified funds. investments in digital assets.
While VBTC represents the first place for the bitcoin ETF to receive ASX approval, it is not the first to launch in Australia. Two other bitcoin ETFs have been introduced in the country in the last two years.
The Global
Switching from btc to Altcoins
In the broader context of digital asset investment products, recent data asset manager CoinShares reveals major outflows of approximately $600 million.
These outflows, the largest since March 22, coincided with a more aggressive-than-expected Federal Open Market Committee (FOMC) meeting, prompting investors to reduce their exposure to fixed income assets. As a result, total assets under management (AuM) fell from more than $100 billion to $94 billion.
The outflows observed occurred primarily in bitcoin, with approximately $621 million withdrawn. However, several alternative currencies experienced capital inflows during this period.
ethereum, Lido (LDO), and XRP were among the altcoins that received notable inflows of $13 million, $2 million, and $1 million, respectively. This suggests that investors sought diversification beyond bitcoin amid recent market volatility.
At the time of writing, the largest cryptocurrency on the market is trading at $65,400, down 2% in the 24-hour period and almost 6% in the last seven days, approaching the key support level of $65,000.
Featured image of DALL-E, chart from TradingView.com
