The Year of the Crypto ETF: Hong Kong and Australia Start to Gain Momentum

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”.

The United States may have kicked off the crypto ETF sweepstakes earlier this year, but now, other markets are starting to gain some momentum of their own. Both Australia and Hong Kong have seen a surge of interest in their local Bitcoin ETFs following a initially slow start.

Monochrome’s (Monochrome Technologies) flagship Bitcoin ETF (IBTC) on the CBOE Australia (CBOE) now holds nearly 100 BTC (around $90 million), while Hong Kong’s ETFs have seen a 30% uptick in their Bitcoin holdings over the past two weeks (totalling around 5,000 BTC).

This comes after a down month in May for the Asian market, which saw record outflows following regulatory approval for both Bitcoin and Ethereum ETFs. Notably, the CBOE began trading the first physically-backed Bitcoin ETF in the United States earlier this year.

DigitalX’s New Bitcoin Product Enters First Full Week Of Trading

A third crypto ETF is also set to hit the ASX in the coming days, after Australian investment firm DigitalX finally received approval from the stock exchange operator last week.

The firm’s Bitcoin ETF product, trading under the code “BTXX,” began trading on the ASX on July 12, following a false start earlier in the year. The ETF is now into its second day of trading.

According to data from the ASX, around $204,000 in volume has been recorded for BTXX as of the time of writing. The ETF is backed by a minimum of 50 BTC, and is designed to track the performance of Bitcoin’s spot price.

The approval and launch of DigitalX’s Bitcoin ETF marks a significant step forward for the crypto investment landscape in Australia.

After CBOE began trading the first physically-backed Bitcoin ETF in the United States earlier this year, several other Bitcoin ETFs were quickly approved and launched on the New York Stock Exchange (NYSE). Notably, BlackRock’s iShares physical Bitcoin ETF (IBIT) saw record-breaking trading volume on its first day of trading.

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