• Sat. Sep 7th, 2024

Australian and Hong Kong’s BTC ETF Inflows Hit All-Time High

Maria Bartiromo

ByMaria Bartiromo

Jul 14, 2024

Inflows into Bitcoin Exchange-Traded Funds (ETFs) in Australia and Hong Kong have surpassed historical highs. Data from the Farside platform says that the United States BTC ETFs recorded a total inflow of over $310 million on Friday, the highest recorded in 25 days.

According to the data, the last time the market had such an encounter was on June 5, when it recorded a net inflow of  $488.1 million. On Thursday, the United States BTC ETF market also witnessed a significant inflow of  $79 million and $147 million on Wednesday. 

Investors seek clarity and security, and Hong Kong and Australia now have more hospitable regulatory frameworks for digital assets. On the other hand, Hong Kong’s BTC ETFs have experienced a significant increase in its BTC reserves, gathering over 4,941 BTC on July 13. This makes up a 28.6% increase from its past reserve of 3,842 BTC as of June 21.

Valkyrie Bitcoin Fund, Others Make It to the Top Losers

The popularity of Bitcoin ETFs in these areas may spur the introduction of such products in other marketplaces.  According to The ETF Store president,  Nate Geraci, the ETF will likely be ready on July 15. The issuers are waiting for the  Security and Exchange Commission (SEC) to finalize the process by signing the amended  S-1 registration statements after getting the first phase of the feedback in June.

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Other ETFs like Valkyrie Bitcoin Fund (BRRR), WisdomTree Bitcoin Fund (BTCW), and Invesco Galaxy Bitcoin ETF (BTCO) were among the least performers to attract new investors on Friday, recording 0% inflows. The United States ETFs topped the best performers with zero outflows.

It has also had $15.81 billion in 126 trading days from ten United States Bitcoin ETFs. The BTC ETF market has continued to perform optimally amid the recent bear market, which has dominated the cryptocurrency industry for two weeks. The general cryptocurrency market has remained stable within the week, with the price of BTC fluctuating around $57,000.

Australian IBTC Records 83 BTC, DigitalX Plans More Australian BTC ETF

Monochrome Bitcoin ETF (IBTC) in Australia has been generating a lot of attention lately for its performance. The Australian I.B.T.C. has gathered 83 BTC since its launch on the Cboe Australia exchange on June 4. The latest accumulation summed up the holdings around 100 BTC.

However, DigitalX is working on launching another Bitcoin ETF in Australia, as it currently requests approval from Australian authorities. While the Australian and Hong Kong spot BTC ETFs were having a field day, the German government resorted to selling its major assets.

The German government announced on June 12 that it had completed its liquidation process on the 50,000 BTC confiscated from Movie2k, a popular piracy website. Flow Traders bought the last batch of 3,874 BTC, while the other 3,094 BTC was moved to an anonymous wallet address.

U.S. BTC ETF Records $311 Million Inflow, Grayscale Records Zero Outflows

The United States BTC ETF industry has also grown significantly, recording over $1.1 billion within the week. This has been recorded as the most inflow in the United States BTC ETF’s history since its last all-time high in May. Available records from HODL15Capital show that the all-time high of the United States ETF has reached  888,607 BTC.

The United States BTC ETF, on July 12, recorded a $311 million inflow, led by BlackRock’s IBIT with $121 million inflows. FBTC by Fidelity came second on the top performer’s chart with a $115 million inflow. Meanwhile, the report states that GBTC by Grayscale did not experience any outflows. IBIT topped its counterparts this week, grossing $523 million within the week.

FBTC also had a cumulative inflow of $356 million. This single-week performance has caused the IBIT’s Assets Under Management (AUM) to grow past $18 billion while FBTC nears $10 billion. Meanwhile, of the recorded success, most spot BTC ETF are on the verge of introducing spot Ethereum (ETH) ETFs.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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