Australian Spot Bitcoin ETF continues to buy

Australia’s two spot Bitcoin ETFs – the VanEck Bitcoin ETF and the Monochrome IBTC – have steadily built up Bitcoin holdings since launching earlier this year. The sustained flows highlight the growing demand for Bitcoin in the region.

The VanEck Bitcoin ETF debuted on the Australian Securities Exchange (ASX) on June 20 after receiving regulatory approval. It attracted $40.72 million in assets under management (AUM).

Meanwhile, the Monochrome Bitcoin ETF (IBTC) began 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 holds approximately 123 Bitcoins worth $7.4 million. The fund has continuously purchased BTC on dips regardless of price action or sentiment.

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

— Monochrome (@MonochromeAsset) August 29, 2024

This contrasts with US spot Bitcoin ETFs, which have faced outflows amid Bitcoin’s failure to convincingly break $60,000. Prominent products from Ark Invest and Grayscale saw major pullbacks this week.

While assets under management remain low, Australian ETFs are steadily growing. Sustained flows indicate growing interest in Bitcoin in the region. Growing demand for regulated investment vehicles may drive mainstream adoption. If growth continues, Australian spot Bitcoin ETFs could emerge as significant sources of BTC demand.