The Australian Securities Exchange (ASX), Australia's largest exchange, has approved the listing of its first bitcoin spot trading fund (ETF), the VanEck Bitcoin ETF, which will be traded starting June 20.
This listing follows VanEck's successful launch of the VanEck Bitcoin Trust (HODL) in the US earlier this year.
Bitcoin ETF Market Growth in Australia:
Ariane Neron, CEO of VanEck Asia Pacific, explained that there has been a noticeable increase in demand for exposure to Bitcoin in Australia, especially through investment vehicles that are transparent and well-regulated.
Nero confirmed that the VBTC Fund will simplify the process of accessing Bitcoin for advisors and investors by managing the complexities related to obtaining, storing and protecting digital assets.
The price of Bitcoin is usually affected by the movement of incoming and outgoing funds from these ETF funds. If the incoming funds decline, the price of Bitcoin declines and vice versa.
Currently, Bitcoin is trading below the $65,000 level, down 1% over the past 24 hours, and about 3% over the past week, keeping it close to the crucial support level at $65,000.
Posted Using InLeo Alpha