Blogs & Articles: Australian Spot Bitcoin ETFs Continue Increasing Holdings 🔗 18 days ago

Australia's two spot Bitcoin ETFs—VanEck Bitcoin ETF and Monochrome's IBTC—have been steadily accumulating Bitcoin since their launch earlier this year, indicating increased activity in the Bitcoin market within the region.

The VanEck Bitcoin ETF, launched on the Australian Securities Exchange (ASX) on June 20th after receiving regulatory approval, has accumulated $40.72 million in assets under management (AUM).

Monochrome's IBTC, which began trading on the smaller CBOE Australia exchange on June 4th, has seen consistent inflows. 

Monochrome Bitcoin ETF (Ticker: $IBTC) AUM as of 28/08/24 pic.twitter.com/04IoMLQEWa

— Monochrome (@MonochromeAsset) August 29, 2024

As of August 28th, IBTC holds approximately 123 Bitcoin, valued at $7.4 million. The fund has continued to purchase Bitcoin during market dips, showing a pattern of acquisition despite price fluctuations.

In contrast, U.S. spot Bitcoin ETFs have recently faced outflows, with Bitcoin's price struggling to surpass the $60,000 threshold. 

Prominent funds, such as those managed by Ark Invest and Grayscale, have reported significant withdrawals this week.

🚨ARKB Sells 1717 #Bitcoin

Wow. Largest ever dump from Cathie's Fund pic.twitter.com/zflahl06MZ

— Thomas | heyapollo.com (@thomas_fahrer) August 27, 2024

While the assets under management for these Australian ETFs are currently modest, their continued growth may reflect an increasing interest in Bitcoin within the region.