- The worldwide ETF revolution is showing no signs of slowing down, with Australian and Hong Kong products making big moves over the past week.
- Bitcoin’s resurgence has coincided with increased volume and inflows for major Aussie and Hong Kong BTC ETFs.
- Meanwhile, a third ASX-listed Bitcoin ETF is set to enter its first full week of trading after going live last Friday.
In a decade’s time, when we’re zooming around in flying cars powered by crypto-backed infrastructure, 2024 will be forever remembered as “the year of the ETF”.
Okay – maybe a slight exaggeration. But there’s no denying the significant impact exchange-traded funds are having, and will continue to have, over the crypto industry following the SEC’s approval in January this year.
The United States kickstarted the trend, with Bitcoin products like BlackRock’s IBIT seeing record-breaking trading volume. But now, fellow markets Hong Kong and Australia are starting to gain some momentum of their own in the crypto ETF sweepstakes.
Related: Crypto ETF Landscape Heats Up: Australian Bitcoin ETF Buys the Dip, 21Shares Pursues US Solana Listing
Monochrome IBTC Holds 100 BTC as Hong Kong ETFs Experience 30% Increase in Inflows
Interestingly, Australia and Hong Kong’s ETF performance mirrored that of the United States. Funds got off to a relatively slow start before interest started to grow after a few weeks of trading. With global asset manager VanEck releasing the second Bitcoin ETF on Australia’s largest stock exchange (ASX), Aussie funds are starting to hit their stride.
Presently, the largest Bitcoin ETF Down Under, Monochrome’s IBTC, holds nearly 100 BTC (valued at AU $90m).
Meanwhile, Hong Kong ETFs have grown by 29% in the last fortnight (with nearly 5,000 BTC in reserve). This follows a down month in May for the Asian market, which saw record outflows following regulatory approval for both Bitcoin and Ethereum ETFs.
Related: Chainlink Launches Secure Data Feeds on Starknet Mainnet, Boosting DeFi Development Capabilities
DigitalX’s New Bitcoin Product, BTXX, Coming Into First Full Week of Trading
The ETF craze isn’t set to stop there though. With the Australian market finally heating up, a third player is gearing up to shake up the ASX. Aussie investment firm DigitalX officially gained ASX approval last week, with the landmark fund BTXX entering its second day of trading today. As of writing this article, BTXX has seen $204k in turnover.
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