 in Australia is set to go live and will be introduced by Monochrome Asset Management on Cboe.){kind=link}
Monochrome Asset Management has taken another big step in bringing crypto assets to Australian investors. The first Ethereum spot ETF (IETH) in Australia is set to go live and will be introduced by Monochrome Asset Management on Cboe.
The trading will start on Monday. The fund intends to market itself as the first in the world to offer actual Ethereum subscription and redemption services. The first Bitcoin spot ETF in Australia, called IBTC, was introduced by Monochrome Asset Management on Cboe Australia back in June.
Will IETH See Inflows As Good As The US?
Since its inception, BlackRock’s iShares Ethereum Trust (ETHA) has seen net inflows of more than $1 billion in the US. Although the Australian market is unlikely to ever see inflows comparable to those, Monochrome hopes to capitalize on this year’s surge in investor interest.
Though Ethereum ETFs in the US are still struggling to be as good as their Bitcoin counterparts, they still provide a good investment opportunity for both retail and institutional investors.
Australia’s Crypto Holding Surges: Will This Boost IETH’s Demand?
In 2022, a survey found that approximately 25.6% of Australian respondents owned bitcoin. Although it was less than the 28.8% from the year before, the percentage was still higher than it was in 2019.
Crypto use has been steadily increasing in Australia. Australia’s cryptocurrency business is expected to produce A$799.3 million in revenue by 2024.
The rising number of blockchain firms and cryptocurrency exchanges in Australia is indicative of the nation’s growing interest in cryptocurrencies. This demand is likely going to a optimistic push to crypto trading ETFs in the region.
In the Australian cryptocurrency market, the average revenue per user is projected to reach A$70.6 in 2024. By 2025, there are projected to be 11.38 million users in Australia’s cryptocurrency sector.
During the same time, it is expected that the user penetration rate would have increased to 42.22% from its projected 42.40% in 2024.