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Alex Dovbnya
Australia is on track to see more spot Bitcoin ETFs this year
According to a recent report by Bloomberg, which cites anonymous sources familiar with the matter, the Australian Securities Exchange (ASX) is on track to greenlight multiple Bitcoin exchange-traded funds (ETFs) later this year.
The report says that the timeline of their approval is yet to be officially confirmed by the ASX.
Earlier this month, Monochrome Asset Management, a Brisbane-based cryptocurrency-focused investment management firm, applied for a spot Bitcoin ETF with Cboe Australia, the smaller rival of the ASX. This product is expected to become available in the second quarter of the year after obtaining approval from the Australian Securities & Investments Commission (ASIC).
In 2022, North Sydney-based cryptocurrency fund manager Cosmos Asset Management launched spot Bitcoin and Ethereum ETFs. However, it was then forced to delist these products during the same year due to tepid demand. Their historic launch coincided with the collapse of the Terra ecosystem. In November 2022, the industry had to face one of its most severe crises to date with the downfall of the FTX crypto empire.
In 2024, cryptocurrency market conditions appear to be way more favorable for Bitcoin ETFs, with Bitcoin still trading close to record highs despite a substantial price pullback.
Bitcoin ETFs became the talk of the town following their much-anticipated approval in the US. BlackRock’s Bitcoin ETF became a stunning success, shattering various records. Recently, however, these ETF products have been suffering from growing outflows.
As reported by U.Today, spot Ethereum and Bitcoin ETFs were officially approved in Hong Kong earlier this March. However, some analysts have cautioned market observers that these products were unlikely to attract substantial inflows.
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This article was originally published by a u.today . Read the Original article here. .
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