Bitcoin ETF: Australia launches first BTC ETF with VanEck

  • The global reach of BTC ETFs is expanding as the Australian Stock Exchange prepares for a new listing on June 20.
  • It remains to be seen whether the immediate approvals of ETH ETFs in the US will increase demand for BTC ETFs.

The Australian Stock Exchange (ASX), the largest stock exchange in Australia, has joined Bitcoin [BTC] ETF Party by approving the first BTC ETF product from asset manager VanEck.

The product, VanEck Bitcoin ETF (VBTC), will list on June 20, marking the historic debut of an ETF that includes the largest digital assets on the ASX.

Andrew Campion, Managing Director of Investment Products at ASX Tell The Australian Financial Review (AFR) reported that the delay in approval of BTC ETFs was due to the crypto winter of 2022. Campion added,

“But as crypto prices have rebounded, we’ve had a fair amount of interest over the last 12 months, and that’s culminated in approval.”

Ask pointed out There has been renewed interest following the launch of BTC ETFs in the US and Hong Kong.

Demand for Bitcoin ETF Australia

For his part, Ariane Neron, VanEck’s Managing Director for the Asia-Pacific region, emphasized the growing demand from investors for Bitcoin.

“Bitcoin remains an emerging asset class that many advisors and investors want.”

The ASX listing is a great signal for Australian investors looking for regulated ways to trade and invest in BTC.

Similar products have also recently been launched on Australia’s second-largest exchange, Cboe Australia, the ASX’s main competitor.

Notably, the Monochrome Bitcoin ETF (IBTC) debuted and went live on Cboe Australia on June 3. As of June 14, the product had collected 46 bitcoins, said Julian Farher, a Bitcoin analyst and investor, open.

Source: X/Julian_Farher

Interestingly, the ASX listing will begin trading a few days before the US spot sale Ethereum [ETH] European Training Foundation approval. Many analysts see it as a catalyst for the market in general. It remains to be seen whether or not it will increase demand for Australian BTC ETFs.

See also  United Airlines launches flying taxi service in two years in Chicago

However, US Bitcoin ETFs recorded significant outflows last week as investors offloaded risks before and after the Federal Reserve’s decision to keep interest rates unchanged for the seventh time.

Bitcoin ETF Australia

Source: Soso value

Excluding June 12, the rest of last week saw massive outflows of more than $680 million, underscoring US investors’ risk-off approach.

As of press time, the King’s coin has fallen below $66,000. It could head lower into the lower range if bearish sentiment persists.

Additionally, per Coinglass Datamarket open interest (OI) rates were generally in the red as of press time, indicating reduced liquidity in the derivatives market and strengthening bearish sentiment.

Leave a Reply

Your email address will not be published. Required fields are marked *