25 Jun 2021 — In Feb this year, the world witnessed the first Bitcoin ETF listed on the Toronto Stock Exchange (TSX) and had already amassed over US$1 billion in assets. That was when there’s a massive price boom in Bitcoin, reaching a dizzying high of over USD60,000.
With the growing institutional demand for cryptocurrencies, in the following month, Brazil jumped on the bandwagon with a BitcoinETF for trade too.
In the same month, Southeast Asia saw its first insured Bitcoin ETF launch, under the regulation of Labuan, Malaysia. Unfortunately, the U.S. still does not allow crypto ETFs to trade on national stock exchanges. Last week, we saw crypto traders’ dream crushed again as the SEC once more delayed its ruling on Bitcoin ETF.
Last month and on the other side of the world, there were speculations that the Australia Stock Exchange (ASX) is currently reviewing a number of applications for crypto ETFs and could launch Australia’s first crypto ETF by the end of the year.
With the recent downturn of Bitcoin that began in May, it is only natural that cryptocurrencies ETFs would decline. While Bitcoin does not seem to be doing too well these days, enthusiasts that are bullish on cryptocurrencies as a viable store of value, would agree that corrections are to be expected during a bull run and Bitcoin will once again return with a vengeance soon enough as it’s drastically undervalued.