Australia’s First Crypto ETFs Received Lukewarm Receptions Amid Rising Market Volatility
The Cosmos Purpose Ethereum Access ETF (CPET), a fund that invests in Canada’s Purpose Bitcoin ETF, had just 2,073 shares exchanged on its debut day on Tuesday.Australia’s First Crypto spot ETFs have witnessed extremely low trading volume since the launch back in the mid of May. On the debut of 21Shares’ spot Bitcoin and Ethereum ETFs, the volume was only around $656,000 and $415,000 respectively.
The three listed ETFs – Cosmos Purpose Bitcoin Access ETF, ETFS 21Shares Bitcoin ETF, and ETFS 21Shares Ethereum ETF ( tickers: CBTC, EBTC, and EETH) – have all experienced sharp declines in trading volume as the extreme volatility of the crypto market has motivated investors to de-risk, thus avoiding speculative assets.Noticeably, an overwhelming percentage of the floating shares of the aforementioned products are not being traded in the market as the investors’ sentiment toward crypto.
