Two spot Bitcoin ETFs in Australia—the VanEck Bitcoin ETF and Monochrome’s IBTC—have been steadily increasing their Bitcoin holdings since their inception earlier this year. This persistent influx signals a rising demand for Bitcoin in the region.
The VanEck Bitcoin ETF launched on the Australian Securities Exchange (ASX) on June 20th following regulatory approval and has gathered $40.72 million in assets under management (AUM).
In comparison, the Monochrome Bitcoin ETF (IBTC) started trading on the smaller CBOE Australia exchange on June 4th. Although its AUM is lower, IBTC is experiencing modest yet consistent inflows.
As of August 28th, IBTC holds approximately 123 Bitcoin amounting to $7.4 million. The fund has consistently acquired BTC during price dips, irrespective of market trends or sentiment.
This stands in contrast to U.S. spot Bitcoin ETFs, which have encountered outflows as Bitcoin struggles to break through the $60,000 mark convincingly. Notable products from Ark Invest and Grayscale experienced significant withdrawals this week.
While the assets under management remain modest, the Australian ETFs are on a steady growth trajectory. The ongoing inflows indicate a burgeoning interest in Bitcoin within the region. The rising demand for regulated investment options could enhance mainstream adoption. If this trend persists, Australia’s spot Bitcoin ETFs may become crucial sources of BTC demand.
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