The first cryptocurrency ETFs were launched in Australia, however, in the first day, due to the fall of the cryptocurrency markets, the trading volume amounted to only 1.3 million Australian dollars.
A total of three traded exchange-traded funds (ETFs) have been launched, informs Bloomberg agency. One of them, Cosmos Purpose Bitcoin Access ETF, offers an indirect investment in cryptocurrencies, as its funds are invested in the Canadian Purpose Bitcoin ETF. And two exchange-traded funds of 21 Shares offer direct investments in BTC and ETH.
During the first hours of operation, the volume of trading in shares of 21 Shares EBTC and EETH funds amounted to 519,800 and 416,600 Australian dollars, respectively. Interest in the Cosmos product was even lower, with traders selling 51,572 shares worth A$398,100.
As the top manager of ETF Securities Kanish Chugh noted, it was really not the easiest time to launch such products. But the fall of the cryptocurrency market gives investors a more convenient entry point into this area, says a top manager:
“Given how volatile the markets are right now, it is very difficult to determine the behavior of bitcoin and ether in the short term. Bitcoin is down more than 50% from last year’s highs and many investors see this moment as an opportunity to invest.”
Recall that cryptocurrency ETFs in Australia were planned to be launched on April 27. However, later the launch of investment products was postponed.
Source: Bits
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