- Meta Investor
- Posts
- Australia Joins the Race
Hello Investors!
Let’s see what’s moving the markets today.
Top 3 Market Highlights
Australia Joins the Race - Spot Bitcoin ETFs Go Live Today
Australia's first spot Bitcoin exchange-traded fund (ETF) is set to launch on the Cboe Australia exchange on Tuesday, June 4.
Monochrome Asset Management is the first to receive approval under new crypto asset licensing rules in Australia.
Monochrome’s CEO claims Australia is a crypto-heavy country and expects local ETFs to generate between $3 billion to $4 billion in net inflows within the first three years.
Introducing Australia's first ETF that holds bitcoin directly - the Monochrome Bitcoin ETF (Ticker: IBTC)
— Monochrome (@MonochromeAsset)
2:35 PM • Jun 3, 2024
Learn more: Cointelegraph, Coindesk
Thoughts
In Hong Kong, four Bitcoin ETFs were approved on April 30, and three of them struggled to gain traction - partially due to missing approval for mainland investors to participate.
Australia is 5 times bigger than Hong Kong in terms of GDP and is the 12th largest worldwide.
Canada’s crypto ETFs hold $4,864m with BTC accounting for 73%, and ETH for 25% (the remaining are multi-crypto funds).
Assuming similar interest, the $3-$4 billion range in three years seems likely.
Markets Anticipate ECB Rate Cut This Week
Reply