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VanEck to Debut First Bitcoin ETF on Australian Securities Exchange
Global investment firm VanEck has received regulatory approval to launch a Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX) on June 20. This provides Australian investors with a regulated way to invest in Bitcoin. VanEck has been working on this since early 2021 and resubmitted its application in February 2024. The firm aims to overcome regulatory challenges and lead in offering the first Bitcoin ETF on the ASX. Interested investors can register on VanEck's website. This follows Monochrome Asset Management's approval for a Bitcoin ETF on Cboe Australia. The popularity of similar products in the U.S. has spurred wider acceptance of Bitcoin. The U.S. market is also anticipating Ethereum ETFs this summer, approved by the SEC. VanEck has developed several digital asset products globally, including a dozen in Europe, and was the first to file for an Ethereum spot ETF in the U.S., approved in May.
Iran Set to Launch Public CBDC Pilot in June
The Central Bank of Iran (CBI) announced the launch of a public pilot for its central bank digital currency (CBDC), the digital rial, on June 21. Unlike other electronic money in Iran, the digital rial does not require interbank settlement and will be available to banking customers and tourists on Kish Island, a popular tourist destination and free trade zone. Users can pay for goods and services by scanning a barcode, offering a more secure and easier payment method than traditional cards. The pilot aims to foster the digital economy, improve micropayments, and enhance the country's payment infrastructure. Despite allowing crypto transactions, Iran prohibits their use for payments and has regulated local cryptocurrency mining since 2018, with U.S. senators expressing concerns about potential national security threats from Iran's ability to bypass sanctions through crypto mining.
SEC Ends Ethereum 2.0 Probe
Consensys announced that the U.S. SEC is closing its investigation into Ethereum 2.0, marking a significant victory for the blockchain company. The decision follows a letter from Consensys seeking clarification on ether’s classification after the approval of spot ether ETFs, which implied that ETH tokens are commodities. This outcome means the SEC will not charge that sales of ETH are securities transactions. Consensys, the developer behind MetaMask, had previously filed a lawsuit against the SEC, challenging its categorization of ether as a security. Despite the SEC's decision, Consensys continues to seek legal clarity on MetaMask Swaps and Staking. The SEC has not commented on the matter.
Trading Desk Insights
Bitcoin continues its descent steadily approaching the high-volume range between $60,000 and $63,000. Meanwhile, the stock market has shown resilience despite the Federal Reserve's recent hawkish stance. Any pressure on equities could exacerbate the decline in the crypto market.
According to CryptoQuant, whales have offloaded over $1.2 billion in Bitcoin over the past two weeks. The persistent lack of demand from these long-term holders signals a continued bearish outlook. Additionally, some miners are pivoting towards the burgeoning AI sector, driven by reduced mining rewards post-halving, which may be contributing to increased selling pressure.
US Bitcoin ETFs experienced another significant outflow, with $152.4 million withdrawn, marking the fourth consecutive day of outflows, predominantly from Fidelity.
In contrast, Ethereum received positive news as ConsenSys, the company behind MetaMask, has been informed by the SEC that the regulator will not pursue enforcement action after concluding its investigation. This development has widened the spread between ETH and BTC implied volatility indexes, reflecting anticipation for the potential launch of spot ETH ETFs. Traders might consider shorting this spread, expecting ETH's volatility to converge with BTC’s once the ETFs begin trading.
The S&P 500 reached a new record high, driven by Nvidia's remarkable performance. The chipmaker, which has surged 174% year-to-date, has surpassed Microsoft in market value, fueled by growing enthusiasm for AI technology.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
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