US Bitcoin ETFs Cap $170M Inflow Week As Australia Welcomes First Spot Bitcoin ETF

Bitcoin BTC/USD ended last week on a high, 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: saw an outflow of $124 million, while and Fidelity’s ETF FBTC had inflows of $169 million and $5.9047 million, respectively,

According to data from SoSo Value, the Grayscale Bitcoin Trust GBTC had a total net outflow of $260.6 million for the week. This was compensated for by net inflows of $297.8 million for the BlackRock iShares Bitcoin Trust IBIT, $177 million into the Fidelity Wise Origin Bitcoin Fund FBTC and $40.2 million into Bitwise’s Bitcoin ETF BITB. The Ark 21 Shares Bitcoin ETF ARKB also recorded a $91.8 million outflow.

Meanwhile, Monochrome Asset Management, an Australia-based firm, has announced that its Monochrome Bitcoin exchange-traded fund, IBTC, will commence trading on the Cboe Australia exchange this Tuesday.

This ETF is notably the first in Australia to hold Bitcoin directly, setting it apart from other exchange-traded products that provide indirect exposure to the cryptocurrency.

“Before IBTC, Australian investors were only able to invest in ETFs that indirectly hold bitcoin or through offshore Bitcoin products, both of which don't benefit from the investor protection rules under the directly held crypto asset Australian Financial Services Licensing (AFSL) licensing regime," an announcement stated.

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

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

Also Read: Japanese Crypto Exchange DMM Bitcoin Reports $300M BTC Theft

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

Monochrome has secured the necessary approval from ASIC for its product.

Jeff Yew, CEO of Monochrome Asset Management, emphasized the company’s commitment to investor protection: "This aligns with Monochrome's investor protection-driven mission to offer secure, compliant, and straightforward pathways to participate in this transformative space."

What’s Next: For a deeper dive into the evolving digital assets landscape, including the impact of such ETF developments, industry leaders will gather at the Benzinga Future of Digital Assets event on Nov. 19.

This event will provide comprehensive insights into the trends shaping the future of digital assets.

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