Bitrabo Editorial
The introduction of the VanEck Bitcoin ETF on the Australian stock exchange signifies the increasing acceptance of Bitcoin among investors in Australia, following a trend seen in other regions earlier this year.
Potential Rise of Crypto ETFs in the Asia-Pacific Region
The VanEck Bitcoin ETF has started trading on the Australia Stock Exchange (ASX), with an initial investment of around A$985,000. This launch comes alongside plans by BetaShares Holdings Pty and DigitalX to list their crypto ETFs on the ASX. The ASX is engaging with additional issuers for potential listings.
CBOE Australia, the country’s other stock exchange, already offers crypto ETFs like Global X 21Shares Bitcoin, Global X 21Shares Ethereum, and Monochrome Bitcoin, collectively holding approximately $90 million in assets. Analysts predict a significant surge in digital asset ETFs in the Asia-Pacific region, foreseeing a market value surpassing $3 billion in the near future, with Australia, Hong Kong, and South Korea expected to lead the growth.
VanEck’s Bitcoin ETF Performance Amidst Global Trends
The authorization of cryptocurrency ETFs in the US and Hong Kong earlier this year attracted substantial investments. US Bitcoin ETFs have accumulated $56 billion in assets since their launch in January, drawing considerable interest from Wall Street investors. Hong Kong introduced six funds in April, but with a more subdued response compared to the US.
Recent data indicates negative ETF flows in the US market, with outflows totaling $152.4 million. Notably, VanEck’s Bitcoin ETF maintained a steady position with neither inflows nor outflows, showing positive inflows of $23.6 million over a five-day period this month.
Bitcoin’s current trading price remains stable at $64,895 with no significant changes in the past 24 hours, despite recent minor fluctuations. However, the cryptocurrency has experienced declines of 4% and nearly 9% over the last seven and fourteen days, respectively. Despite these short-term setbacks, Bitcoin has shown impressive year-to-date gains of 141% and boasts a sizable market capitalization of $1.2 billion.
Featured image from DALL-E, chart from TradingView.com