Bloomberg Analyst Predicts $1B Influx from VanEck Spot Bitcoin ETF on ASX

News

Bloomberg Analyst Predicts $1B Influx from VanEck Spot Bitcoin ETF on ASX

The introduction of VanEck‘s spot Bitcoin ETF on the Australian Securities Stock Exchange (ASX) is set to significantly enhance the digital asset market in the Asia Pacific region. According to Bloomberg analyst Eric Balchunas, the ETF’s debut could funnel approximately $1 billion in assets under management into Australian digital asset ETFs, bolstering regional growth.

VanEck Spot Bitcoin ETF Boosts Asia Pacific Markets

Balchunas suggests that the VanEck spot Bitcoin ETF is not just a local phenomenon but a regional booster. The projected $1 billion increase in AUM in Australia could mirror significant inflows similar to those observed in larger markets like the United States. Furthermore, similar growth is anticipated in other parts of Asia, with Hong Kong and South Korea each expected to see an additional $1 billion in AUM. This suggests a potential $3 billion uplift across the Asia Pacific digital assets sector.

The enthusiasm for spot Bitcoin ETFs in Australia follows their approval and successful integration in other global markets. This trend underscores a growing international acceptance and interest in cryptocurrency investment vehicles. Therefore, the Australian market’s embrace of this ETF marks a pivotal step in expanding digital asset accessibility in the region.

Also Read: Not A Single Spot Bitcoin ETF Saw Inflows on Tuesday, New Outflows At $152 Million

BlackRock’s IBIT ETF Defies Market Outflows

A robust trading volume marked the debut itself. On its first day, the VanEck spot Bitcoin ETF saw a total trading volume of 1.9 million AUD. VanEck contributed an initial $985,000 (657,000 USD) to this figure, demonstrating a strong market reception. This fund serves as a feeder for the $647 million VanEck Bitcoin Trust in the United States, tying the Australian market’s performance directly to broader, more established cryptocurrency funds.

While the initial influx is promising, the broader picture shows a mixed sentiment in the global Bitcoin ETF market. For instance, despite general inflows, some established funds like Grayscale’s GBTC and Fidelity’s Wise Origin Bitcoin Fund experienced significant outflows, reflecting the ongoing volatility and varied investor strategies within the cryptocurrency market.

Contrastingly, not all Bitcoin ETFs are facing a downturn. BlackRock’s IBIT ETF, for instance, has bucked the trend, recently amassing an inflow of $1.48 million, which increased its total to a remarkable $14.67 billion. This growth starkly contrasts the outflows experienced by other funds in the sector, highlighting a divergence in investor confidence and market strategies.

Also Read: Hashdex Files 19b-4 For Combined Spot Bitcoin and Ethereum ETF

 

The post Bloomberg Analyst Predicts $1B Influx from VanEck Spot Bitcoin ETF on ASX appeared first on CoinGape.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed

Leave a Reply