VanEck Introduces Bitcoin ETF on Australian Stock Exchange: Will it Replicate the Success Gained in US Market?

Following its debut in the US market, Spot Bitcoin ETFs have garnered significant interest in other jurisdictions.The VanEck Bitcoin ETF has gone live on the Australian Stock Exchange (ASX) today, June 20, as the first BTC ETF on the country's primary stock exchange.

Also, the VanEck Bitcoin ETF will begin trading on the ASX exchange with an initial capital of 985,000 AUD ($657,000). Interestingly, the VanEck Bitcoin ETF is a feeder fund for the $647 million VanEck Bitcoin Trust in the United States.

Australia Set to Integrate More Bitcoin ETF Products to the Stock Market Soon

According to a recent report, Sydney-based DigitalX and BetaShares Holdings are gearing up to list their ETFs on the ASX exchange. However, a source close to the ASX revealed that VanEck is the only applicant receiving their approval. Discussions are still ongoing with other potential issuers.

Some crypto ETFs are already operating on CBOE Australia, the country's secondary stock exchange. The three funds on CBOE Australia are Global X 21Shares Bitcoin, Global X21Shares Ethereum, and Monochrome Bitcoin. These funds collectively boast assets under management of approximately $90 million.

The remarkable success and large inflow of funds into the US Bitcoin ETFs following their launch in January has raised optimism for Australia's BTC ETFs.However, market uncertainty has resulted in massive outflows from the US Spot Bitcoin ETFs in the past week.

Meanwhile, the crypto-friendly regions in the Asian-Pacific display massive interest in offering investors Bitcoin ETFs.In a recent report, Rebecca Sin, Senior ETF Analyst at Bloomberg Intelligence, highlighted the Asian-Pacific region's potential.

The analyst expects the Asian-Pacific region's virtual-asset ETFs to exceed $3 billion in a few years. Sin also believes the top three Asian-pacific markets, Hong Kong, Australia, and South Korea, will get an equal share of this figure.

Major Banks to Approve Bitcoin ETFs

Meanwhile, a Bernstein report reveals that top banking institutions are close to approving some top Bitcoin ETFs.

The US spot Bitcoin ETFs are losing their initial euphoria as the market rush begins to cool down. However, Bernstein predicts that the combined assets under management of UETFs for Bitcoin and Ethereum will rise to $450 billion.

According to Bernstein, the US ETFs must record an inflow of $100 billion in the next 18-24 months. The analysts also projected bullish prices for Bitcoin despite its current decline.

Bernstein believes that Bitcoin's price will increase to $90,000 in 2024, breaking above all all-time highs below $75,000. They believe Bitcoin will hit its cycle high of $150,000 at some point in 2025.

Additionally, the analysts predict that BTC will rise to $500,000 by 2029 and $1 million by 2033.

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