Australia’s first spot Crypto EFAs in the midst of a market crash – Blockworks

  • Australia’s Bitcoin and Ether IFAs started trading at ETF Securities and 21Shares at $ 656,000 and $ 415,000, respectively.
  • Large investors in the industry looking for crypto ETF exposure have bought similar products in Europe or Canada.

The first place in Australia was Bitcoin and Ether ETFs on Thursday during the expansion of the crypto market, which led industry insiders to realize that there was less trade compared to similar times in Canada.

21Shares Bitcoin ETF (EBTC) and ETFS 21Shares Ethereum ETF (EETH) traded up $ 656,000 and $ 415,000 respectively.

EBTC and EETH, which monitor the value of Bitcoin and Ether in Australian dollars, are fully supported by Coinbase’s digital assets in cold storage. Each fund had a net worth of $ 9 million by the end of Thursday.

Meanwhile, Cosmos will invest in cryptocurrencies through the Bitcoin Investment ETF (BTCC), which launched the Bitcoin Access ETF (CBTC) in Toronto, Canada in February 2021. CBTC traded around $ 454,000 on Thursday.

Although 21 Shares spokespersons told EBTC and EETH on Thursday that they had “the lion’s share of the business” in Australia, Bloomberg Intelligence senior ETF analyst Eric Balchunas described the first “shocking embarrassment” on Twitter – especially compared to the BTCC.

On the first day of trading, the non-currency BTCC.B and BTCC.U traded $ 209 million (CAD) and $ 52 million (USD) respectively, according to an investment spokesman.

Canada-based objective investment ‘Bitcoin ETF – the world’s first such exchange-traded bitcoin platform – has crossed $ 1 billion (CAD) assets a month after its first launch in February 2021. Three weeks after the 3iQ CoinShares Bitcoin ETF was launched in Canada in April of that year, it reached $ 1 billion (CAD).

For the first time since 2020, the price of Bitcoin will soon fall below $ 28,000, with the Australian launch coming. Trading to $ 29,000 at 2pm on Thursday afternoon, according to blockchain data – fell 27 percent in one week. Ethereum was around $ 1,960, down 33 percent.

TerraUSD (UST) has been devalued by the US dollar and crypto markets have collapsed in recent days. UST traded around 37 cents on Thursday afternoon.

“Crypto was a bull market game for most investors. [especially] The type that ETF uses to be exposed, ”said Balchunas Posted on Twitter.. “Large fish for them [right now]. Die hard hodl-ers are more likely to be direct. That being said, these long-running problems have taken root after the next big rally.

In the ETF Trends and ETF Database, Financial Fitrist Dave Nadig said he was not surprised by the size of the new ETFs exchange for BlocksX.

“Considering that most large-scale investors can trade in the market they want,’s pre-existing products on large exchanges may attract the interest of small-scale local investors,” Nadig said. “If you were a hedge fund, you would not expect it. [Australia] To start. Already purchased by the European Union or [Canada] Exchange: If you want a detailed exposure.

Still, Nadig added, the crypto space in the US will be a “different animal.”

The SEC has not yet approved the bitcoin ETF review. However, the IFF, the United States’ first Bitcoin futures market, became the second largest ETF in its opening day when the Proceeds Bitcoin Strategy Fund (BITO) launched in October. About $ 1 billion worth of business.

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  • Ben Strack

    Ben Strack is a Denver-based reporter that covers macro and crypto-native funds, financial advisors, structured products and digital assets and DeFi’s integration with traditional finance. Prior to joining Blockwork, he covered the Financial Intelligence Asset Management industry and was a reporter and editor for various local newspapers in Long Island. He holds a degree in journalism from the University of Maryland. Contact Ben by email [email protected]

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