Australia’s two spot Bitcoin ETFs—the VanEck Bitcoin ETF and Monochrome’s IBTC—have steadily accumulated Bitcoin holdings since launching earlier this year. These steady inflows are a sign of growing Bitcoin demand.
VanEck Bitcoin ETF debuted After receiving regulatory approval, the company will list on the Australian Securities Exchange on Wednesday 20th of June. This has drawn a lot of attention. $40.72 million in assets under management (AUM).
Monochrome Bitcoin ETF IBTC began trading On the 4th of June, CBOE Australia was a smaller exchange. IBTC is still seeing small, but consistent inflows despite its lower AUM.
IBTC has around 123 Bitcoins valued at $7.4million as of August 28th. The fund continues to buy BTC at low prices, regardless of sentiment or price movement.
Monochrome Bitcoin ETF (Ticker: $IBTCAUM on 28/08/24 pic.twitter.com/04IoMLQEWa
— Monochrome (@MonochromeAsset) August 29, 2024
The U.S. spot is shown in contrast. Bitcoin ETFsBitcoin failed to reach the $60,000 mark. This week, Ark Invest’s and Grayscale’s prominent products saw significant withdrawals.
Australian ETFs continue to grow, despite the low assets under management. These steady inflows indicate a rising interest in Bitcoin across the region. Demand for regulated investment products can help mainstream adoption. The spot Bitcoin ETFs in Australia could become a significant source of BTC demand if the growth trend continues.
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Source: bitcoinmagazine.com
