Australia is set to welcome its first spot ether (ETH) exchange-traded fund (ETF) as Monochrome launches the Monochrome Ethereum ETF (IETH) on Tuesday.
The launch of IETH follows the successful debut of Monochrome’s spot bitcoin ETF in August. As of October 10, the bitcoin ETF fund held 165 bitcoin (BTC), valued at just over $10 million.
Similar to the spot crypto ETFs in Hong Kong, IETH will offer investors the flexibility to buy into and cash out of the fund with both cash and ether. This feature aligns with the trend of increasing accessibility for crypto investors in various regions.
Global Growth in Spot Crypto ETFs
Since the launch of spot crypto ETFs in the U.S. in January, several countries have approved listings for these products. However, the size of these ETFs in other regions has been significantly smaller compared to their U.S. counterparts. As of October 10, Hong Kong’s spot bitcoin and ether ETFs held net assets of $262.97 million and $35.07 million, respectively, while U.S.-listed ETFs held bitcoin worth $58.66 billion and ether worth $6.74 billion.
South Korea’s Consideration of Crypto ETFs
The launch of IETH in Australia comes amidst growing interest in crypto ETFs globally. Last week, South Korea’s news1 reported that the country’s Financial Services Commission was considering allowing crypto ETFs. This indicates a broader trend towards increased regulatory acceptance and institutional adoption of cryptocurrencies.
The launch of Australia’s first spot ether ETF marks a significant milestone for the cryptocurrency market in the region. It provides investors with a regulated and accessible way to gain exposure to ether, one of the leading cryptocurrencies. As more countries embrace crypto ETFs, the global market for these products is expected to continue expanding.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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