Australia’s Two spot Bitcoin ETFs—the VanEck Bitcoin ETF and Monochrome’s IBTC—have been steadily building Bitcoin holdings since their launch earlier this year. The continued inflows highlight the region’s growing Bitcoin demand.
The VanEck Bitcoin ETF debuted on the Australian Securities Exchange (ASX) on June 20 following regulatory approval. It has $40.72 million in assets under management (AUM).
Meanwhile, the Monochrome Bitcoin ETF (IBTC) started trading on the smaller CBOE Australia exchange on June 4. Despite the lower AUM, IBTC continues to see small but steady inflows.
As of August 28, IBTC held approximately 123 Bitcoin worth $7.4 million. The fund has consistently bought BTC on dips, regardless of price action or sentiment.
Monochrome Bitcoin ETF (Ticker: $IBTC) AUM as of 28/08/24 photo.twitter.com/04IoMLQEWa
— Monochrome (@MonochromeAsset) August 29, 2024
This is in contrast to the US spot market. Bitcoin ETFswhich saw outflows as Bitcoin failed to convincingly break the $60,000 barrier. Prominent products from Ark Invest and Grayscale saw major drawdowns this week.
While assets under management remain low, Australian ETFs are growing steadily. The continued inflows point to increasing interest in Bitcoin in the region. The growing demand for regulated investment vehicles could drive mainstream adoption. If growth continues, Australian spot Bitcoin ETFs could become major sources of BTC demand.