Bitcoin ETFs Expected to Launch in Australia

According to a recent report by Bloomberg, which cites anonymous sources acquainted with the matter, the Australian Securities Exchange (ASX) is connected way to greenlight aggregate Bitcoin exchange-traded funds (ETFs) aboriginal this year.  

The study says that the timeline of their support is yet to beryllium officially confirmed by the ASX. 

Earlier this month, Monochrome Asset Management, a Brisbane-based cryptocurrency-focused concern absorption firm, applied for a spot Bitcoin ETF with Cboe Australia, the smaller rival of the ASX. This merchandise is expected to go disposable successful the 2nd 4th of the twelvemonth aft obtaining support from the Australian Securities & Investments Commission (ASIC).

In 2022, North Sydney-based cryptocurrency money manager Cosmos Asset Management launched spot Bitcoin and Ethereum ETFs. However, it was past forced to delist these products during the aforesaid twelvemonth owed to tepid demand. Their historical motorboat coincided with the illness of the Terra ecosystem. In November 2022, the manufacture had to look 1 of its astir terrible crises to day with the downfall of the FTX crypto empire. 

In 2024, cryptocurrency marketplace conditions look to beryllium mode much favorable for Bitcoin ETFs, with Bitcoin inactive trading adjacent to grounds highs contempt a important terms pullback. 

Bitcoin ETFs became the speech of the municipality pursuing their much-anticipated support successful the US. BlackRock's Bitcoin ETF became a stunning success, shattering assorted records. Recently, however, these ETF products person been suffering from growing outflows.  

As reported by U.Today, spot Ethereum and Bitcoin ETFs were officially approved successful Hong Kong earlier this March. However, immoderate analysts person cautioned marketplace observers that these products were improbable to pull important inflows.