Three crypto exchange-traded funds (ETF) opened to investors in Australia on Thursday, with a slow start being attributed to an 18-month low for bitcoin (BTC).
- 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 1 p.m. in Sydney.
- The ETFS 21Shares Bitcoin ETF experienced similar volumes, while the ETFS 21Shares Ethereum [ETH] ETF had around $150,000 in the first hour of trading.
- ETF Securities head of distribution Kanish Chugh said that trading had been "relatively muted."
- "The 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," Chugh added.
- In a bid to incentivize volume and appeal to market makers, Cosmos waived fees for the first two months.
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