We do the research, you get the alpha!
Get exclusive reports and key insights on airports, NFTs and more! Sign up for Alpha Reports now and step up your game!
Go to Alpha Reports
According to a Bloomberg report, Australia's largest securities exchange, the ASX, is expected to approve bitcoin ETFs this year.
Sources familiar with the matter said approval of the spot's Bitcoin exchange-traded funds would take place “before the end of 2024.” A spokesperson for the ASX told Bloomberg that the exchange “continues to engage with a number of issuers interested in accepting cryptoasset-based EEFs” and did not commit to a deadline.
A spot bitcoin ETF from asset manager 21Shares will debut in Australia in 2022 on the CBOE Australian exchange, but the ASX accounts for the lion's share—around four-fifths—of the country's equity trading.
Australia's spot Bitcoin ETF applications are pending from asset management firms VanEck, DigitalX and BetaShares, with the head of Digital Assets saying US bitcoin ETF flows “proved digital assets are here to stay”.
Spot Bitcoin ETFs were approved in the US in January, and initially saw rapid returns. However, in recent weeks, the flood of cash into U.S. Bitcoin ETFs has slowed and investors' interest in the products has shifted to a “correction,” with three straight days of outflows, according to data from Farside Investors.
Just three of the past 10 days have seen bitcoin ETFs enter the U.S. space, as investors reacted to a slower-than-expected response to the economy in the first quarter, suggesting higher interest rates will continue.
The enthusiasm for US spot Bitcoin ETFs doesn't seem to have ignited enthusiasm for the products around the world. Hong Kong's Securities and Futures Commission (SFC) recently approved several positions in Bitcoin and Ethereum ETFs from asset managers ChinaAMC, Harvest and Bosera HashKey, which are set to begin trading this week.
Edited by Andrew Hayward.
Stay on top of crypto news, get daily updates in your inbox.
