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Three cryptocurrency exchange-traded funds (ETFs) were launched in Australia on Thursday, with a delayed start ascribed to bitcoin's 18-month low (BTC).
- The Cosmos Asset Management ETF, which invests in bitcoin via the Canadian Purpose Bitcoin ETF, witnessed $250,000 in trading volume in the first hour before reaching $400,000 by 1 p.m. in Sydney.
- Similar volumes were seen in the ETFS 21Shares Bitcoin ETF, while the ETFS 21Shares Ethereum ETF saw roughly $150,000 in the first hour of trading.
- According to an AFR article, the volumes were well below the estimated $1 billion entry of capital into these ETFs. On Thursday, bitcoin fell to levels not seen before 2020, while the overall crypto market cap fell by 16% overnight.
- Trading has been "quite modest," according to Kanish Chugh, head of distribution at ETF Securities.
- "Due to the high volatility in the cryptocurrency market, some crypto investors have chosen to remain on the sidelines and wait for things to settle down. This is a difficult market in which to create a crypto ETF "Chugh said.
- Cosmos dropped costs for the first two months in order to encourage volume and appeal to market makers.
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