Bitcoin
Bitcoin ETF Hack: Australian VanEck Launch Sparks Crypto Craze
The growing adoption of Bitcoin among institutional and retail investors has now extended to Australia, with the debut of the VanEck Bitcoin ETF on the country’s main stock exchange.
Asia-Pacific ready for crypto ETF boom?
Following similar products approved in the United States and Hong Kong earlier this year, the VanEck Bitcoin ETF began trading on the exchange operated by Australian Stock Exchange (ASX) with an initial investment of approximately A$985,000 ($657,000).
The launch of the VanEck Bitcoin ETF in Australia is accompanied by preparations by other players such as BetaShares Holdings Pty and DigitalX, who plan to list their crypto ETFs on the main Australian board. While VanEck has received approval, the ASX confirms continued engagement with other issuers.
Additionally, Crypto ETFs are now available on CBOE Australia, the country’s other stock exchange, featuring products such as Global X 21Shares Bitcoin, Global X 21Shares Ethereum and Monochrome Bitcoin, collectively holding around US$90 million in assets.
Bloomberg ETF analyst Rebecca Sin predicts that the Asia-Pacific region holds significant potential for digital asset ETFs, with an estimated value exceeding $3 billion in the coming years.
This growth is expected to be split equally between Australia, Hong Kong and South Korea, with the latter eventually allowing the listing of crypto funds.
VanEck Bitcoin ETF Holds Stable Amid Negative ETF Flows
The approval of cryptocurrency ETFs by US and Hong Kong regulators earlier this year has led to significant flows of investment capital. US Bitcoin ETFs, launched in January, have accumulated an impressive $56 billion in assets to date, attracting substantial interest from Wall Street investors.
Similarly, Hong Kong introduced six funds in April, albeit with a more subdued response than their US counterparts.
Recent data from Farside shows that Wednesday’s ETF flows into the US market were negative, with outflows worth $152.4 million.
Fidelity saw outflows of $83.1 million, while Grayscale’s Bitcoin Trust ETF (GBTC) saw outflows of $62.3 million. VanEck’s Bitcoin ETF, on the other hand, recorded no inflows or outflows, but recorded positive inflows of $23.6 million in five days this month.
At the time of writing, the largest cryptocurrency on the market continues to display a consolidation phase, maintaining a trading price of $64,895 with no notable changes observed over the last 24 hours. However, Bitcoin has performed negatively over longer periods, experiencing drops of 4% and nearly 9% in the last seven and fourteen days, respectively.
It is important to note that despite these recent crises, Bitcoin has made impressive gains of 141% year-to-date. Additionally, Bitcoin has a substantial market capitalization of $1.2 billion.
Featured image of DALL-E, chart from TradingView.com