ASX Approves First Spot Bitcoin ETF: VanEck Bitcoin ETF (VBTC) to Begin Trading

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The Australian Securities Exchange (ASX) has greenlit the listing of its first spot Bitcoin exchange-traded fund (ETF).
VanEck, an asset management firm, will kick off trading of the VanEck Bitcoin ETF (VBTC) on June 20.
VanEck had previously launched the VanEck Bitcoin Trust (HODL) in the United States earlier this year.

Discover the latest developments in Australia’s cryptocurrency investment sphere as the first spot Bitcoin ETF makes its debut on the ASX.

Australia’s Bitcoin ETF Market Heats Up

Arian Neiron, CEO for the Asia-Pacific region at VanEck, emphasized the surging interest in Bitcoin within Australia, particularly through regulated investment mechanisms.

Neiron noted that recognizing Bitcoin’s status as a growing asset class, the VBTC aims to streamline the process for advisers and investors by managing Bitcoin’s acquisition, storage, and security complexities.

In addition to VanEck, other Australian firms like Sydney-based BetaShares Holdings Pty and DigitalX Ltd. are on track to list their bitcoin and Ethereum (ETH) ETFs, according to Bloomberg.

BetaShares, in particular, is planning to launch spot Bitcoin and Ethereum ETFs to cater to the increasing demand for diverse digital asset investment options.

While the VBTC is the first ASX-approved spot Bitcoin ETF, Australia has seen the introduction of other Bitcoin ETFs over the last two years.

Notably, the Global X 21 Shares Bitcoin ETF (EBTC) was launched in April 2022, followed by the Monochrome Bitcoin ETF (IBTC), which began trading on Cboe Australia in early June.

Shift From BTC To Altcoins

Recent data from CoinShares indicates significant outflows from Bitcoin investment products, totaling approximately US$600 million.

This marks the largest outflow since March 22, correlating with a hawkish Federal Open Market Committee (FOMC) meeting that encouraged investors to pull back from fixed-income assets, bringing total assets under management (AuM) down from over $100 billion to $94 billion.

Outflows from Bitcoin amounted to roughly US$621 million, whereas select altcoins, including Ethereum (ETH), Lido (LDO), and XRP, saw inflows of US$13 million, US$2 million, and US$1 million respectively.

This trend highlights a strategic shift as investors look to diversify amidst market uncertainties.

Currently, Bitcoin’s price is trending downward, trading at around $65,400, down by 2% over the past 24 hours and nearing the critical $65,000 support level.

Conclusion

The debut of the first spot Bitcoin ETF on ASX signifies a major milestone for Australia’s cryptocurrency landscape, reflecting both innovation and increasing acceptance within regulated financial markets. Moving forward, market dynamics and investor sentiments, underscored by recent shifts towards altcoins, will continue to play pivotal roles in shaping digital asset investment strategies.