Bloomberg Analyst Estimates $1 Billion Flows from VanEck Spot Bitcoin ETF to ASX
Definition VanEckThe spot Bitcoin ETF on the Australian Securities Exchange (ASX) is set to significantly boost the digital asset market in the Asia Pacific region. The ETF’s debut could boost regional growth by moving about $1 billion in assets under management into Australian digital asset ETFs, according to Bloomberg analyst Eric Balchunas.
VanEck Spot Bitcoin ETF Strengthens Asia Pacific Markets
Balchunas, VanEck Spot Bitcoin ETF It is not just a local phenomenon but also a regional enhancer. The projected $1 billion increase in AUM in Australia may reflect significant inflows similar to those observed in larger markets such as the United States. Similar growth is also expected in other parts of Asia. Hong Kong and South Korea are each expected to see an additional $1 billion in AUM. This indicates a potential $3 billion increase in the Asia Pacific digital asset sector.
Interest in spot Bitcoin ETFs in Australia follows their approval and successful integration into other global markets. This trend underlines the growing international acceptance and interest in cryptocurrency investment instruments. Therefore, the Australian market’s adoption of this ETF marks a significant step in expanding digital asset accessibility in the region.
So read: Not a Single Spot Bitcoin ETF Inflow Was Seen on Tuesday, New Outflows Totaled $152 Million
BlackRock’s IBIT ETF defies Market Exits
A strong trading volume marked the debut. The VanEck spot Bitcoin ETF saw a total trading volume of AUD 1.9 million on its first day. VanEck initially contributed $985,000 ($657,000) to this figure, indicating strong market reception. This fund acts as a feeder for the $647 million VanEck Bitcoin Trust in the United States, directly attributing the Australian market’s performance to broader, more established cryptocurrency funds.
While the initial influx is promising, the broader picture shows a mixed tone in the global Bitcoin ETF market. For example, despite mainstream inflows, some established funds, such as Grayscale’s GBTC and Fidelity’s Wise Origin Bitcoin Fund, have experienced significant outflows, reflecting ongoing volatility in the cryptocurrency market and diverse investor strategies.
In contrast, not all Bitcoin ETFs are facing a downturn. Black RockFor example, the IBIT ETF recently bucked this trend by gaining $1.48 million in inflows, bringing its total to a remarkable $14.67 billion. This growth contrasts sharply with outflows experienced by other funds in the sector and highlights the difference in investor confidence and market strategies.
So read: Hashdex Files 19b-4 for Combined Spot Bitcoin and Ethereum ETF
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Maxwell is a crypto-economic analyst and Blockchain enthusiast who is passionate about helping people understand the potential of decentralized technology. I write extensively on topics like blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its effects on economic freedom and social well-being.
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