Australian Spot Bitcoin ETF Keeps on Buying
Australia's two spot Bitcoin ETFsthe VanEck Bitcoin ETF and Monochrome's IBTChave steadily accumulated Bitcoin holdings since launching earlier this year. The sustained inflows highlight growing Bitcoin demand in the region.
The VanEck Bitcoin ETF debuted on the Australian Securities Exchange (ASX) on June 20th after receiving regulatory approval. It has attracted $40.72 million in assets under management (AUM).
Meanwhile, the Monochrome Bitcoin ETF (IBTC) began trading on the smaller CBOE Australia exchange on June 4th. Despite its lower AUM, IBTC continues to see small but steady inflows.
As of August 28th, IBTC holds around 123 Bitcoin worth $7.4 million. The fund has continually purchased BTC on dips, regardless of price action or sentiment.
Monochrome Bitcoin ETF (Ticker: $IBTC) AUM as of 28/08/24 pic.twitter.com/04IoMLQEWa
Monochrome (@MonochromeAsset) August 29, 2024
This contrasts with U.S. spot Bitcoin ETFs, which have faced outflows amid Bitcoin's failure to convincingly break $60,000. Prominent products from Ark Invest and Grayscale saw major withdrawals this week.
While assets under management remain low, the Australian ETFs are growing steadily. The sustained inflows point to rising interest in Bitcoin in the region. The increasing demand for regulated investment vehicles can boost mainstream acceptance. If growth continues, Australia's spot Bitcoin ETFs could emerge as significant sources of BTC demand.
Read more: https://bitcoinmagazine.com/business/-australian-spot-bitcoin-etf-keeps-on-buying
Text source: Bitcoin Magazine: Bitcoin News, Articles, Charts,
