Australia’s long-awaited and much-debated exchange-traded products are finally in circulation and investors seem … less than impressed. Since the May 12 launch of three ETFs, trading volumes have only been on the decline.
ETF Drought Sets In
Only two weeks ago it seemed that these Australian ETFs had fizzled out on debut, with none of the three new funds (CBTC, EETH and EBTC) able to crack the A$1 million volume benchmark. In the period since launch, sales have only continued to fall, with the current bear market showing an apparent ETF volume drought.
Market Looks to the Cosmos
However, the Cosmos Purpose Ethereum Access ETF (CPET), heralded as the “world’s first physically settled ether ETF”, has just hit the market with high hopes:
CPET saw 2,073 shares change hands on May 31, its debut day. How successful it will be in Australia is yet to be determined. While some are hailing CPET as the kick crypto ETFs need to increase their volumes, as of June 1, the daily return on the newcomer was -5.88 percent.
Aussie ETFs Slow off the Mark
The initial development of Australian-based Bitcoin ETFs had been delayed by several factors, with the journey to launch being long and fraught. Their creation was hampered by high collateral requirements at the beginning of April, with fund managers claiming these were making it difficult for clearing participants to agree to trade the ETFs.
Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.
Credit: Source link
