Australia’s stock market is embracing Bitcoin! The Australian Securities Exchange (ASX) has just approved a second Bitcoin ETF (exchange-traded fund), bringing the total number of Bitcoin ETFs in the country to four.
DigitalX Joins the Bitcoin ETF Party
DigitalX, a Sydney-based asset manager, is behind the latest Bitcoin ETF, called BTXX. It’s set to start trading on July 12th.
DigitalX CEO Lisa Wade believes the new ETF will attract more investors, especially institutional ones, who are looking to add Bitcoin to their portfolios. She sees this as a long-term play, as more and more investors are starting to consider cryptocurrencies as part of their investment strategies.
Bitcoin ETFs Gaining Momentum
This news comes just a few weeks after the ASX approved VanEck’s Bitcoin ETF (VBTC). Another fund manager, BetaShares Holdings, has also submitted an application to launch Bitcoin and Ethereum ETFs.
The growing popularity of Bitcoin ETFs in Australia is a sign that the country is embracing the cryptocurrency market. It’s also worth noting that the United States has seen a significant influx of money into Bitcoin ETFs recently, which is driving up the price of Bitcoin.
July Looks Good for Bitcoin
Even though Bitcoin has experienced some recent price drops, the market seems to be bullish overall. The influx of money into Bitcoin ETFs suggests that investors are buying the dip and are optimistic about the future of Bitcoin.
Historically, July has been a good month for Bitcoin, with an average return of almost 8%. This, combined with positive economic indicators and the growing interest in Bitcoin ETFs, makes many believe that Bitcoin is poised for continued growth.
