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<p>The post <a href="https://coinpedia.org/news/after-us-uk-europe-now-australia-australia-enters-the-spot-bitcoin-etf-race-going-live-tomorrow/">Australia Joins the Crypto Wave: First Spot Bitcoin ETF Goes Live Tomorrow!</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Following the footsteps of the US, the UK, Europe, and Asia Pacific Nations, Australia has now joined the ranks of countries offering <a href="https://markets.coinpedia.org/bitcoin-etf/" target="_blank" rel="noreferrer noopener">spot Bitcoin ETF</a> trading. This news has sparked hope in investors, as Bitcoin is gaining global recognition.</p> 
<p>Keep reading to find out everything you need to know about Australia’s groundbreaking Bitcoin ETF!</p> 
<h2 class="wp-block-heading" id="h-monochrome-bitcoin-etf-set-to-launch">Monochrome Bitcoin ETF Set to Launch</h2> 
<p>The Monochrome Bitcoin ETF (IBTC) is set to begin trading on the Cboe Australia exchange. This announcement has positively impacted Bitcoin’s price, pushing it up to $69,000 from its previous level of around $67,650.</p> 
<p>On June 4th, 2024, Monochrome Asset Management will launch its spot Bitcoin ETF in Australia under the ticker IBTC, with a management fee of 0.98%.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">BIG BREAKING <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>AUSTRALIA GOES BIG ON <a href="https://twitter.com/hashtag/BITCOIN?src=hash&amp;ref_src=twsrc%5Etfw">#BITCOIN</a> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1e6-1f1fa.png" alt="🇦🇺" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>AUSTRALIA'S FIRST SPOT <a href="https://twitter.com/hashtag/BITCOIN?src=hash&amp;ref_src=twsrc%5Etfw">#BITCOIN</a> ETF TO GO LIVE TOMORROW. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/8cVtvt3RPe">pic.twitter.com/8cVtvt3RPe</a></p>— BITCOINLFG® (@bitcoinlfgo) <a href="https://twitter.com/bitcoinlfgo/status/1797576352213954710?ref_src=twsrc%5Etfw">June 3, 2024</a>
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<p>While Australia already has several exchange-traded products offering Bitcoin exposure, Monochrome Asset Management is the first to receive approval under a new crypto asset licensing category established in 2021 under Australian Financial Services (AFS) licensing rules.</p> 
<h3 class="wp-block-heading" id="h-security-and-tracking">Security and Tracking</h3> 
<p>The ETF will track the CME CF Bitcoin Reference Rate index, providing direct exposure to Bitcoin’s spot price. Monochrome ensures that IBTC’s holdings are stored offline in a device not connected to the internet, using a crypto custody solution that meets Australian institutional custody regulatory standards.</p> 
<h2 class="wp-block-heading" id="h-enhanced-investor-protection">Enhanced Investor Protection</h2> 
<p>Before IBTC, Australian investors could only invest in ETFs that indirectly held Bitcoin or through offshore Bitcoin products, neither of which offered the investor protection provided by the directly held <a href="https://coinpedia.org/news/australian-crypto-exchanges-to-obtain-financial-services-licenses-bloomberg-reports/" target="_blank" rel="noreferrer noopener">crypto asset AFS licensing</a> regime.&nbsp;</p> 
<p>Cboe will be the first Australian exchange to list a Bitcoin ETF, ahead of the larger Australian Securities Exchange (ASX), which also plans to approve spot Bitcoin ETFs before the end of the year.</p> 
<h2 class="wp-block-heading" id="h-understanding-the-bitcoin-price-impact">Understanding the Bitcoin Price Impact </h2> 
<p>The successful <a href="https://coinpedia.org/news/bitcoin-shows-signs-of-breaking-out-chart-analyst-predicts-74-4k-target-soon/" target="_blank" rel="noreferrer noopener">rollout of spot Bitcoin ETFs</a> in major financial markets has set the stage for Australia to join the trend. Recent data indicates that Bitcoin (BTC) exchange-traded funds (ETFs) have attracted an inflow of $216 million.&nbsp;</p> 
<p>Meanwhile, BlackRock’s IBIT ETF saw the largest inflow, with $169.1 million, raising its total net inflow to $16.7 billion. Notably, Grayscale’s GBTC ETF experienced a significant outflow of $124.3 million, the largest since May 1.</p> 
<p>As of now, Bitcoin’s price stands at $68,980, marking a 2.3% increase in the past 24 hours, with a market cap of $1.35 trillion.</p> 
<p><strong>With Bitcoin’s price on the rise, is this the right time to invest through an ETF? Share your investment strategies!</strong></p> 
<p>Also Check Out : <a href="https://coinpedia.org/news/bitcoin-shows-signs-of-breaking-out-chart-analyst-predicts-74-4k-target-soon/">Bitcoin Bulls Charge! Analyst Predicts Breakout, Price Surge to $74,400 Soon</a></p>

Australia Joins the Crypto Wave: First Spot Bitcoin ETF Goes Live Tomorrow!

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