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Australia to launch Spots Bitcoin ETFs by the end of 2024
By the end of 2024, Australia is set to approve multiple spot Bitcoin exchange-traded funds (ETFs). The development follows the footsteps of the United States and Hong Kong. ASX (Australian Securities Exchange), the major part of the equity trading in Australia, is expected to approve the first spot Bitcoin ETFs for its primary board by year’s end.
The approval was influenced by the outstanding performance of spot Bitcoin ETFs in the United States. For example, in 2024, spot Bitcoin ETFs have recorded more than $53 billion in investments. Another notable issuer is BetaShares and VanEck, which very eagerly awaits to list their respective ETF products. The potential to unlock billions of dollars of fresh investment inflows into Bitcoin and the broader crypto market excites Australia.
Australia’s $2.3 Trillion Pension Market Eyes Spot Bitcoin ETFs
Arzadon, head of digital assets at BetaShares in Sydney, added that inflows into spot products in the US are a testament to the staying power of digital assets. ASX has already issued tickers for both the spot Bitcoin and the spot Ether ETF at BetaShares.
The spot Bitcoin ETF in Australia could be even bigger than it sounds, given Australia’s vast $2.3 trillion pension market. A sizeable amount of Australians has their retirement savings invested in self-managed superannuation that allows for more control over their investment choices. This sizable segment of the market could drive significant inflows to Bitcoin and crypto assets.
Earlier this year, when spot BTC ETFs were introduced in the US, the rally in the cryptocurrency market began, the pinnacle of which was $ 73,737 per Bitcoin in March. The same picture will be observed from April 30, 2024, when the Hong Kong spot BTC ETF will be launched. In the event of a wave of approvals for the spot BTC ETF in Australia, the price of Bitcoin will have significant growth. These two ETF applications are the second attempt to launch spot Bitcoin ETFs in Australia. Two years ago, two similar products were launched on the CBOE Australia. However, this was a limited launch, and the products accounted for less than a fifth of the equity trading volume.
Cristiano has worked as a freelance writer for several forex and crypto magazines in England.
Also, he's a forex trader since 2010, and a crypto investor.
Currently, he's based in Malta and work as crypto journalist.
