Bitcoin holdings have been steadily accumulating in two Australian-based bitcoin exchange-traded funds — the VanEck Bitcoin ETF and the Monochrome IBTC Fund — since their launch earlier this year. The steady inflows 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 has 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 its lower assets under management, IBTC is still seeing small but steady inflows.
As of August 28, IBTC holds approximately 123 BTC worth $7.4 million. The fund has consistently bought BTC on dips, regardless of price action or sentiment.
Bitcoin Monochrome Box (Symbol: $IBTC) Assets under management as of 08/28/24 pic.twitter.com/04IoMLQEWa
— Monochrome (@MonochromeAsset) August 29, 2024
This contrasts with U.S.-based bitcoin ETFs, which have faced outflows as bitcoin has failed to convincingly breach the $60,000 barrier. Prominent products from Ark Invest and Grayscale have seen significant withdrawals this week.
While assets under management remain low, Australian ETFs are growing steadily. The steady inflows indicate a growing interest in Bitcoin in the region. The growing demand for regulated investment vehicles could boost mainstream acceptance. If the growth continues, spot Bitcoin ETFs in Australia could emerge as a significant source of demand for Bitcoin.
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