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First Crypto ETFs Launch In Australia With Low Volumes Amid Crypto Correction

First Crypto ETFs Launch In Australia With Low Volumes Amid Crypto Correction

  • Overall volumes well below the expected $1 billion inflow of capital into these ETFs
  • Bitcoin trading at 18-month lows

Australia has finally opened three crypto exchange-traded funds (ETFs) to investors after a long wait on Thursday.

Volumes, however, were below expectations as Bitcoin is trading at an 18-month low.

These ETFs seek to provide Australians with access to the world of crypto through exchange-traded products.

According to a report by AFR, the Cosmos Asset Management ETF, which invests in Bitcoin through the Canadian Purpose Bitcoin ETF, saw $250,000 in trading volume across the first hour before hitting $400,000 by 1pm in Sydney.

Reportedly, the 21Shares Bitcoin ETF too experienced low volumes, while the 21Shares Ethereum ETF had around $150,000 in the first hour of trading.

Overall, the volumes were well below the expected $1 billion inflow of capital into these ETFs.

Bitcoin shed 11.56% to trade at $28,092, at the time of writing. The global market cap was down 16.89% at $1.18 trillion, CoinMarketCap data showed.

The extreme volatility in crypto has caused some investors interested in crypto to sit on the sidelines and wait for calm. This is a challenging market for a crypto ETF launch
ETF Securities head of distribution Kanish Chugh
Murtuza Merchant

Murtuza Merchant

Murtuza Merchant is a senior journalist, having been associated with various publications for over a decade. An avid follower of blockchain tech and cryptocurrencies, he is part of a crypto advisory firm that advises corporates – startups and established firms on media strategies.