Asia-Pacific Poised For Crypto ETF Boom? VanEck Bitcoin ETF Debuts On ASX

Bitcoin's growing adoption 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.

Australia’s main stock exchange has seen the debut of the VanEck Bitcoin ETF, with a seed investment of A$985,000 ($657,000).

This follows the approval of similar products in the US and Hong Kong earlier this year.

The ETF commenced trading on the bourse operated by the Australia Stock Exchange (ASX) on Wednesday, fully backed by the spot price of Bitcoin.

According to the ASX, the ETF seed investment was lower than anticipated due to the exchange’s recent rule change, which now mandates a minimum initial investment of A$500,000 for any new ETF.

However, the bourse highlighted that other crypto ETFs are in the pipeline, with BetaShares Holdings Pty and DigitalX planning to list their products on the main Australian board.

Moreover, crypto ETFs are already available on CBOE Australia, the country’s other stock exchange, with products like Global X 21Shares Bitcoin, Global X 21Shares Ethereum, and Monochrome Bitcoin, collectively holding about $900 million in assets.

Asia-Pacific set for crypto ETF boom?

Bloomberg ETF analyst Rebecca Sin anticipates a bright future for digital asset ETFs in the Asia-Pacific region, with an estimated value exceeding $3 billion in the coming years.

This growth is expected to be shared equally by Australia, Hong Kong, and South Korea, with the latter eventually permitting the listing of crypto funds.

According to Sin, the recent launch of cryptocurrency ETFs in the US and Hong Kong has channeled significant investment capital into these products.

In the US, Bitcoin ETFs, launched in January, have amassed a staggering $56 billion in assets, attracting keen interest from Wall Street investors.

Hong Kong, on the other hand, introduced six funds in April, but the response has been more muted compared to their US counterparts.

Recent data from Farside showed that Wednesday’s ETF flows in the US market were negative, with outflows amounting to $152.4 million.

Fidelity experienced outflows of $83.1 million, while Grayscale’s Bitcoin Trust ETF (GBTC) recorded outflows of $62.3 million.

Meanwhile, VanEck’s Bitcoin ETF had no recorded inflows or outflows but has seen positive inflows of $23.6 million over five days this month.

At the time of writing, the largest cryptocurrency in the market continues to consolidate, trading at a price of $64,895, with no significant changes observed within the past 24 hours.

However, Bitcoin has seen a decline of 4% and nearly 9% over the past seven and fourteen days, respectively.

Despite this recent downturn, the cryptocurrency has still seen a remarkable gain of 141% year-to-date.

Furthermore, Bitcoin boasts a substantial market capitalization of $1.2 billion.

Featured image from DALL-E, chart from TradingView.com

News source：https://www.kdj.com/cryptocurrencies-news/articles/asiapacific-poised-crypto-etf-boom-vaneck-bitcoin-etf-debuts-asx.html

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