US Bitcoin ETFs Cap $170M Entry Week As Australia Welcomes First Spot Bitcoin ETF – TradingView News

Bitcoin ended last week in style, with a total net inflow of $48.738 million on May 31, bringing the total net inflow for the week to $170.9 million.

What happened: experienced a cash outflow of $124 million, while Fidelity ETFs FBTC recorded inflows of $169 million and $5.9047 million, respectively,

According to SoSo Value data, the Shades of grey Bitcoin Trust GBTC recorded a total net outflow of $260.6 million for the week. This was offset by net inflows of $297.8 million for the black rock iShares Bitcoin Trust I BITE177 million dollars in the Fidelity Wise Origin Bitcoin Fund FBTC and $40.2 million in Bitwise Bitcoin ETF BITB. THE Ark 21 Shares Bitcoin ETF ARKB also recorded a release release of $91.8 million.

In the meantime, Monochrome asset managementan Australia-based company, announced that its Monochrome Bitcoin exchange-traded fund, IBTC, will begin trading on the Cboe Australia exchange this Tuesday.

Notably, this ETF is the first in Australia to directly hold Bitcoin, which sets it apart from other exchange-traded products that offer indirect exposure to the cryptocurrency.

“Prior to IBTC, Australian investors could only invest in ETFs holding Bitcoin indirectly or through offshore Bitcoin products, both of which do not benefit from investor protection rules under the Australian Financial Services Licensing regime ( AFSL). “, says an announcement.

Monochrome applied for the spot bitcoin ETF in April 2024, following the US approval of spot bitcoin ETFs in January 2024. The move signals a growing openness to cryptocurrency products in regions like Hong Kong and China. Australia.

By the end of April, Hong Kong had approved its first batch of crypto-related spot ETFs, in a bid to establish itself as a leading digital asset hub.

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Read also: Japanese Crypto Exchange DMM Bitcoin Reports $300 Million BTC Theft

In Australia, companies must receive approval from the Australian Securities & Investments Commission (ASIC) and the exchange listing the product, in this case, Cboe Australia.

Monochrome has obtained the necessary ASIC approval for its product.

Jeff YewCEO of Monochrome Asset Management, highlighted the company’s commitment to investor protection: “This aligns with Monochrome’s investor protection mission of providing secure, compliant and simple pathways to participate in this space transformation.

And after: For a deeper look at the evolving digital asset landscape, including the impact of these ETF developments, industry leaders will convene at the Benzinga Future of Digital Assets event on November 19.

This event will provide a comprehensive overview of the trends shaping the future of digital assets.

Read: Donald Trump’s crypto portfolio increases by $500,000 after his trial

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