Bitcoin spot ETF
Thailand Approves Its First Spot Bitcoin ETF
Published
4 weeks agoon
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Thailand has approved launching its first spot Bitcoin exchange-traded fund (ETF), joining a growing list of countries embracing regulated Bitcoin investment vehicles.
BREAKING: 🇹🇭 Thailand SEC approves the first spot #Bitcoin ETF. pic.twitter.com/ju1q83JvVP
— Bitcoin Magazine (@BitcoinMagazine) June 4, 2024
The Thai Securities and Exchange Commission (SEC) endorsed asset manager One Asset Management (ONEAM) to introduce a Bitcoin ETF, according to the Bangkok Post. The ONE Bitcoin ETF Fund is scheduled to be distributed between May 31 and June 6
Under the Thai SEC’s rules, the ETF will be limited to wealthy and institutional investors. This follows the regulator amending local guidelines in April to permit restricted Bitcoin ETFs targeting professional investors.
ONEAM will invest the fund in 11 major global Bitcoin funds to ensure adequate liquidity and security. The company said the ETF provides exposure to Bitcoin in a regulated framework, addressing risks like theft that come with direct ownership.
While ONEAM obtained approval, fellow Thai firm MFC Asset Management still awaits regulatory clearance for its own planned Bitcoin ETF product. Both will be private offerings for qualified investors only.
Thailand follows the trail blazed by the US SEC, which approved several Bitcoin ETFs this January, sparking surging interest. Other jurisdictions, such as Hong Kong, Australia, and the UK, have since followed suit in issuing spot Bitcoin ETFs or similar products.
The launches provide easy, regulated exposure to Bitcoin’s price movements without the need to handle Bitcoin directly. This better accommodates professional investors and institutions
By approving a Bitcoin ETF, Thailand’s regulators acknowledge the growing demand from local institutions to add Bitcoin allocations. The move could enable broader mainstream adoption once public offerings become available.
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Australia
Australia’s First Spot Bitcoin ETF To Begin Trading Tomorrow
Published
3 weeks agoon
June 12, 2024By
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Australia is set to join the growing list of countries offering a spot Bitcoin exchange-traded fund (ETF), with the launch of the country’s first such product expected tomorrow.
JUST IN: 🇦🇺 Australia's first spot #Bitcoin ETF to go live tomorrow.
Are you prepared? 🚀 pic.twitter.com/EfKqdMU48P
— Bitcoin Magazine (@BitcoinMagazine) June 3, 2024
Monochrome Asset Management announced that Bitcoin ETF (IBTC) will begin trading on June 4th, pending any last-minute delays. The ETF will trade under the ticker IBTC and carry a management fee of 0.98%.
Monochrome Asset Management, the issuer, offers the fund as a means for investors to gain exposure to Bitcoin in a regulated framework. The ETF tracks the CME CF Bitcoin Reference Rate index, providing exposure tied directly to the spot price of bitcoin.
Cboe will become the first Australian exchange to list a bitcoin ETF, beating the larger Australian Securities Exchange (ASX) to the market. However, according to reports, the ASX is also planning to approve spot Bitcoin ETFs before the year’s end.
The launches tap into surging interest following the breakthrough regulatory approval of Bitcoin ETFs in the US market this January. Those products ignited massive inflows from both institutional and retail investors.
Australia is now poised to follow suit in offering investors easy and secure exposure to bitcoin without direct ownership. As a strictly passive ETF, IBTC removes the technical challenges of buying real Bitcoin while providing the return profile tied to bitcoin’s price.
Regulated Bitcoin ETFs have launched this year across North America, UK, Europe and Asia-Pacific. Australia’s entrance reflects the broader embrace of Bitcoin as an institutional asset class.
Other countries are likely to follow, with major markets now offering spot Bitcoin ETFs. The regulated wrapper provides legitimacy and gives investors a straightforward way to gain exposure.
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Bitcoin
Spot Bitcoin ETFs Saw $1.8B in Inflows Last Week
Published
4 weeks agoon
June 11, 2024By
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Spot Bitcoin exchange-traded funds (ETFs) in the U.S. attracted $1.8 billion in inflows last week, their 18th consecutive record day of demand. The surge comes as the successful Bitcoin ETFs continue maturing.
Trading volumes across Bitcoin ETFs also rose 55% week-over-week to $12.8 billion. The past week’s haul was Bitcoin funds’ largest since mid-March when Bitcoin hit nearly $74,000.
Significantly, the ETFs acquired around 25,700 BTC last week, almost equal to the entire new Bitcoin supply mined during that period. This absorption of new supply is tightening the market.
The wave of inflows this month has already surpassed May’s total inflows. It follows the regulatory embrace of Bitcoin ETFs in the U.K., Australia and Thailand, while political winds are also shifting positively.
With total assets under management across Bitcoin ETFs now exceeding $70 billion, the funds continue legitimising Bitcoin as an institutional asset class. Their uninterrupted demand streak further cements Bitcoin’s reputation.
NEW: Global Spot Bitcoin ETFs now hold over $70 billion in #Bitcoin
That's 5% of the BTC supply 🤯 pic.twitter.com/NYqldI5SIn
— Bitcoin Magazine (@BitcoinMagazine) June 10, 2024
The past week’s activity shows investors increasingly treating Bitcoin as a hedge against inflation and uncertainty as interest rate cuts begin in Canada and Europe.
This institutional embrace is why Bitcoin ETFs have quickly ballooned despite launching just months ago. If current momentum sustains, more and more institutional money seem poised to flood the Bitcoin market.
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Bitcoin
Profit-Taking Panic? Short-Term Bitcoin Holders Sell Off – What’s Next For BTC?
Published
4 months agoon
March 18, 2024By
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Recent on-chain data highlighted a significant trend: a wave of profit-taking by investors who have held Bitcoin (BTC) for less than five months.
As detailed by CryptoQuant’s latest data, this phenomenon is not just a random market movement but an echo of patterns observed at the zeniths of previous bull markets.
Profit-Taking Among Short-Term Bitcoin Holders Signals Market Shift
According to CryptoQuant, the Spent Output Profit Ratio (SOPR), a key metric in evaluating the profit and loss of Bitcoin transactions over a specific period, showcases a pronounced uptick indicative of widespread profit realization.
This tendency among short-term holders to liquidate their holdings for gains parallels historical market peaks and suggests a critical juncture for Bitcoin.
Crypto Dan, a seasoned market analyst, emphasized the significance of this trend, stating, “This movement is something that only happens once every few years,” highlighting the uniqueness and possible consequences of the present market trends.
$BTC short-term investors took large profits
“In relation to this adjustment, if we look at the SOPR, there was a big movement related to profit realization by short-term holders who held #BTC for less than 5 months.”
by @DanCoinInvestorLink 👇https://t.co/RqBtDm81hO
— CryptoQuant.com (@cryptoquant_com) March 18, 2024
New Market Forces At Play: ETFs Inflow Set To Rebalance The Equation
While the SOPR metric might signal alarm bells reminiscent of past bull market peaks, the crypto landscape is underpinned by factors that could mitigate the traditional outcomes of such profit-taking.
Among these is the recent introduction of a BTC spot Exchange-Traded Fund (ETF). This new avenue for Bitcoin investment introduces a complex layer to the market’s dynamics, potentially cushioning any adverse effects of short-term holders’ profit-taking activities.
Dan concluded by noting:
But considering the BTC spot ETF and potential additional inflows from institutions and individuals, it is difficult to judge it as simply a signal of the peak of a bull market. After a short-term correction period, it’s very likely that we will see a strong further bull in 2024.
CoinShares Head of Research, James Butterfill, provides a further layer of analysis, suggesting an imminent “positive demand shock” for Bitcoin. According to Butterfill, the delay in making spot Bitcoin ETFs accessible to the Registered Investment Advisors (RIA) market — a sector managing around $50 trillion in assets — is set to end.
With RIAs requiring three months of trading data before including new ETFs in their portfolios, the market is on the cusp of witnessing a substantial influx of new investments into Bitcoin. “If 10% of RIAs chose to invest 1% of their portfolios, this could result in approximately $50 billion in additional inflows,” Butterfill elaborated, highlighting the scale of potential market impact.
Moreover, the current supply-demand dynamics within the Bitcoin market are skewed towards increasing demand against decreasing supply.
The daily demand for BTC, fueled by the trade of spot BTC ETFs and the average production of new coins, underscores a growing discrepancy that ETF issuers are filling by tapping into the secondary market.
This scenario is evidenced by a dramatic decrease in OTC desk coin holdings, a direct consequence of ETF-driven demand, according to Butterfill.
Featured image from Unsplash, Chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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