Australia\'s Bitcoin ETF Market Heats Up as VanEck\'s VBTC Gets the Green Light to List on the ASX

The Australian Securities Exchange (ASX), the largest stock exchange in Australia, has recently approved the listing of its first spot Bitcoin exchange-traded fund (ETF).

The Australian Securities Exchange (ASX), the largest stock exchange in the country, has approved the listing of the first spot Bitcoin exchange-traded fund (ETF).

The VanEck Bitcoin ETF (VBTC) will begin trading on June 20 and will be issued by asset management firm VanEck.

This approval follows VanEck’s successful launch of the VanEck Bitcoin Trust (HODL) in the United States earlier this year.

Rising Demand For Bitcoin Exposure In Australia

Arian Neiron, VanEck’s CEO for the Asia-Pacific region, highlighted the increasing demand for exposure to Bitcoin in Australia, especially through regulated and transparent investment vehicles.

Recognizing Bitcoin as an emerging asset class, Neiron stated that VBTC would simplify advisers’ and investors’ access to Bitcoin by handling the complexities of acquiring, storing, and securing digital assets.

In addition to VanEck, other players in the Australian market are preparing to introduce their spot-Bitcoin and Ethereum (ETH) funds, according to Bloomberg.

Sydney-based BetaShares Holdings Pty and DigitalX Ltd. are reportedly working towards listing their offerings on the main Australian board.

notably, BetaShares aims to launch spot Ethereum and Bitcoin ETF funds soon to meet “the growing demand” for diversified digital asset investments.

While VBTC marks the first approval for a spot Bitcoin ETF by the ASX, it is not the first to be launched in Australia.

Two other Bitcoin ETFs have been introduced in the country over the last two years.

The Global X 21 Shares Bitcoin ETF (EBTC) debuted in April 2022, and the Monochrome Bitcoin ETF (IBTC) began trading on the Cboe Australia exchange on June 4.

Shift From BTC To Altcoins

Shifting our attention to the broader digital asset investment products landscape, recent data from asset manager CoinShares reveals substantial outflows of approximately $600 million.

These outflows, the largest since March 22, came as the Federal Open Market Committee (FOMC) meeting was more hawkish than anticipated, prompting investors to reduce their exposure to fixed-income assets. As a result, total assets under management (AuM) fell from over $100 billion to $94 billion.

During this period, the outflows were mainly observed in Bitcoin, with about $621 million being withdrawn. However, several altcoins experienced inflows.

Among the altcoins that received notable inflows were Ethereum, Lido (LDO), and XRP, with approximately $13 million, $2 million, and $1 million, respectively. This suggests that investors sought diversification beyond Bitcoin amid the recent market volatility.

At the time of writing, the top cryptocurrency is trading at $65,400, down by 2% on the 24-hour timeframe and close to the key $65,000 support level after dropping nearly 6% over the last seven days.

News source：https://www.kdj.com/cryptocurrencies-news/articles/australia-bitcoin-etf-market-heats-vaneck-vbtc-green-light-list-asx.html

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