Australia has approved the second spot Bitcoin ETF, this time from asset manager DigitalX in partnership with 3iQ and K2. The product will trade on the Australian Securities Exchange (ASX) under the ticker BTXX.
K2 has experience in managing ASX-listed ETFs, so that’ll be their job. DigitalX and 3iQ will be in charge of promoting and distributing the ETF in Australia and internationally.
Lisa Wade, CEO of DigitalX, said:
“Our offering will enable Australians to invest in Bitcoin, without having to manage digital wallets, in a cost-effective and secure manner.”
On June 20th, the first spot Bitcoin ETF was approved from VanEck after three years of negotiation with the ASX. VanEck does not actually own any Bitcoin directly.
Its filing states that it invests in the US VanEck Bitcoin Trust, which was launched back in January after the SEC’s approval.
Investors have poured billions into cryptocurrency ETFs in the U.S. since the approval of 11 products in January. Hong Kong followed right behind in April with 6. Oddly, though, the interest there has been a little too low.
The price of Bitcoin has nearly tripled in March, but has since stalled. Thanks to the market dump by Germany, US, and Mt. Gox’s repayments, BTC fell below $54 a week ago.
That was the first time it went that low since February. It has rebounded a little to $57,288 as of press time, seemingly stabilizing above the $57K mark. Thankfully, investors seem to be using the dip as a huge buying opportunity.
Investment inflows have also stabilized, hitting over $440 million last week. ETF net inflows also surged to almost $300 million just yesterday after stagnating for a little while.
BlackRock saw the highest number, as per usual, pulling in almost $180 million. Fidelity’s FBTC followed closely behind. The weak Grayscale surprisingly recorded over $25 million from new buyers.
Historical patterns tell us that July is typically a bullish month for the crypto market, and the community clearly expects the trend to persist.
Reporting by Jai Hamid
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