The Australian Securities Exchange (ASX) is expected to approve several applications for spot Bitcoin ETFs in the country before the end of the year but a competitor exchange could approve one “within the next few weeks.”
Australia’s spot Bitcoin ETFs could see $3 billion to $4 billion of inflows within the first three years, according to Monochrome CEO Jeff Yew., Bitcoin ETF applications from VanEck Australia and local ETF-focused fund manager BetaShares are set to be approved before the year is through, anonymous sources familiar with the matter
Speaking to Cointelegraph, Jeff Yew, the CEO of crypto asset management firm Monochrome — which has an application with a competing exchange — described Australia as a “very crypto-heavy country” and expects Australian spot Bitcoin ETFs to generate between $3 billion to $4 billion in net inflows within the first three years.
SMSF investors currently hold direct exposure to Bitcoin on crypto exchanges, something he said is inherently risky and feels a lot like a “ticking time bomb” if crypto exchanges were to collapse.
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