May 12 marked Australia in the launch of the first crypto ETFs on the local market. These were introduced by Cboe Australia in partnership with ETF Securities and allow local investors to gain exposure to bitcoin and ether. However, both products received a mixed reception on their first trading day due to the crash in the cryptocurrency market. Details in the following.
Controlled exposure to the most important cryptocurrencies on the market (bitcoin and ether)
A specialist in stock market derivatives, Cboe Australia launched the 21Shares Bitcoin ETF and the 21Shares Ethereum ETF on Thursday. They are the first funds traded on the exchange to offer direct and controlled exposure to Australian investors to the two most popular cryptocurrencies in the market through market capitalization. The statement issued by Cboe clarifies that the Cosmos Purpose Bitcoin Access ETF has also defaulted on the Australian exchange.
With one in five Australians already in possession of crypto according to a Swyftx survey, Cboe Australia expects these new products will attract additional investors. ” We are pleased to partner with ETF Securities to bring the first cryptocurrency ETFs to market in Australia said Vic Jokovic, CEO of Cboe Australia. He also said that these are game-changing products that will pave the way for more Australians to expose their wallets to cryptocurrencies in a controlled way.
Shipped with improper time
Unfortunately for Cboe Australia, this historic launch came in the middle of epilepsycoin stableAlgorithmic UST and the related signal, Luna. This must be compounded by the massive liquidations observed at the level of major market currencies, with bitcoin and ether falling by $ 30,000 and $ 2,000 respectively. So all three ETFs are new initial trade volumes were less than $ 1 million each.
However, these statistics should improve in the event of a cryptocurrency market recovery as analyst Tony Sycamore reported. “There are strong signs of capitalization in the cryptocurrency market this week, giving way to frequent bounces. Assuming the rally has a busy pull, this will help gain support for newly listed ETF products as well as even wider acceptance.“, he confirmed.
So the liquidations to which bitcoin and ether were subject in the week following the launch of the first cryptocurrencies backed by cryptocurrencies in Australia will be weighed. Meanwhile, the SEC is still delaying the spot approval of Bitcoin ETFs in the United States, as observers expect to arrive in 2023.
Source: The Crypto Block
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Luc Jose Adjinacou
Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and put forward my pen information related to this ecosystem.