The Australian Securities Exchange is poised to approve the launch of several Bitcoin exchange-traded funds (ETFs) later this year, as reported by Bloomberg. The ASX has not confirmed the exact timeline for their approval. Monochrome Asset Management, based in Brisbane, has already applied for a Bitcoin ETF spot with Cboe Australia, an alternative to the ASX. This particular product is anticipated to be available in the second quarter contingent upon approval from the Australian Securities & Investments Commission (ASIC).

Previous attempts were made in 2022 by Cosmos Asset Management to launch spot Bitcoin and Ethereum ETFs, which were later delisted due to disappointingly low demand. This event coincided with the crises in the Terra ecosystem and the collapse of the FTX crypto empire. However, the current market conditions seem more favorable for Bitcoin ETFs in 2024, particularly with Bitcoin still maintaining high trading levels despite significant price retracements.

The approval of Bitcoin ETFs in the US, like BlackRock's successful launch, has piqued interest in the market. Despite initial success, these ETFs are now experiencing growing outflows. Additionally, in Hong Kong, spot Ethereum and Bitcoin ETFs have recently been approved. There are concerns among analysts that these products may not attract substantial investment inflows.