- Overall volumes well below the expected $1 billion inflow of capital into these ETFs
- Bitcoin trading at 18-month lows
Australia has finally opened three crypto exchange-traded funds (ETFs) to investors after a long wait on Thursday.
Volumes, however, were below expectations as Bitcoin is trading at an 18-month low.
These ETFs seek to provide Australians with access to the world of crypto through exchange-traded products.
According to a report by AFR, the Cosmos Asset Management ETF, which invests in Bitcoin through the Canadian Purpose Bitcoin ETF, saw $250,000 in trading volume across the first hour before hitting $400,000 by 1pm in Sydney.
Reportedly, the 21Shares Bitcoin ETF too experienced low volumes, while the 21Shares Ethereum ETF had around $150,000 in the first hour of trading.
Overall, the volumes were well below the expected $1 billion inflow of capital into these ETFs.
Bitcoin shed 11.56% to trade at $28,092, at the time of writing. The global market cap was down 16.89% at $1.18 trillion, CoinMarketCap data showed.
ETF Securities head of distribution Kanish ChughThe extreme volatility in crypto has caused some investors interested in crypto to sit on the sidelines and wait for calm. This is a challenging market for a crypto ETF launch
