The Cosmos Purpose Bitcoin Access ETF, ETFS 21Shares Bitcoin ETF and ETFS 21Shares Ethereum ETF all launched on Cboe Global Markets earlier today.
The three investment vehicles attracted only a combined AUD$2 million on their first day. ETFS 21Shares Bitcoin ETF was in the lead with AUD$954,925 . Kanish Chugh, head of distribution at ETF Securities, blamed the"relatively muted" trading volumes on the broader cryptocurrency market selloff. Earlier today, Bitcoin careened to $25,401, the lowest level since December 2020, on the Bitstamp exchange. The cryptocurrency partially recovered to $27,851 at press time.
Chugh also pointed out that ASX Clear imposing"prohibitively expensive" margin requirements contributed to lukewarm demand. Major brokers have been pushed away from supporting the products due to 42% collateral.
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