Australias first Crypto ETFs received a muted response amid an uncertain crypto market
Categories: Crypto News US
The first crypto spot ETFs initiated by Australia has seen a massive decline in trading volume. The Australia-initiated spot ETFs have witnessed this underwhelming response since the day of their launch. Contrary to Canadas highest trade volume on the first day, Bitcoin and Ethereum in Australia had gained only $656,000 and $415,000.Investors in Australia can have an access to both Bitcoin and Ethereum due to the first cryptocurrency launch in mid-May. The three ETFs listed their products on the Cboe Australia. Moreover, at the time of the launch, the creators speculated to acquire the same response just like Canada and the US got last year. However, things didnt turn out as expected. The two digital tokens got a muted reception due to low trading volume. The first crypto ETFs was launched in Australia after a five-year battle to initiate the project. Australia began the project of the first cryptocurrency ETFs in May 2022. It launched three ETFs branches, the ETFS 21Shares Bitcoin ETF (EBTC), the ETFS 21Shares Ethereum ETF (EETH), and the Cosmos Purpose Bitcoin Access ETF (CBTC). Australia used Canada’s strategy of directly introducing ETFs into the market. However, this planning failed, as Australia’s market is facing an underwhelming response. Contrary, Canada has boosted its trade volume 250 times greater than Australia’s. On Tuesday, the Cosmos Purpose Bitcoin Access faced a recorded decline with only 2,073 shares exchanged. Moreover, people have developed different sentiments related to crypto. People are not trading floating shares of the aforementioned products due to uncertainty in the market. Australia’s ETFs are not successful enough in gaining investors’ confidence. Paradoxically, Canada’s Bitcoin ETF has made exceptional trade volume on its opening day. Therefore, the gap in the trading volume is huge. Moreover, Financial reviewers have declared crypto assets as prohibitively expensive. The crypto imposes on its users to pay 42% of each trade. This huge share has compelled many brokers to refrain from listing some products. In addition, in April an unexpected event took place. It happened when a third-party broker impedes certain products from listing on the Cboe Australia exchange. Investors are adopting de-risk to secure their investments. Furthermore, due to uncertainty in the crypto market, users are employing a safe approach. They are avoiding buying any assets with associated speculations. Although Australia has shown poor performance since its launch, the future is unpredictable. Moreover, Australia is trying hard to attract investors to have a full-fledged response.