Australia’s The two-spot Bitcoin ETFs—the VanEck Bitcoin ETF and Monochrome’s IBTC—have steadily accumulated Bitcoin holdings since launching earlier this year. These sustained inflows are a sign of growing Bitcoin demand across the region.
VanEck Bitcoin ETF debuted The Australian Securities Exchange (ASX), on 20th June, after regulatory approval. 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 currently holds 123 Bitcoins worth approximately $7.4 Million as of 28 August. The fund continues to buy BTC at low prices, regardless of sentiment or price movement.
The U.S. equivalent is shown below. Bitcoin ETFsBitcoin failed to reach the $60,000 mark. This week, Ark Invest’s and Grayscale’s prominent products saw significant withdrawals.
Australian ETFs have been steadily growing, even though assets under administration remain low. Inflows are consistent, which indicates a growing interest in Bitcoin. Increased demand for regulated investments vehicles could boost acceptance by the mainstream. If the spot Bitcoin-related ETFs from Australia continue to grow, they could be a major source of BTC.
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Source: bitcoinmagazine.com