Australian Bitcoin ETFs Witness Net Inflows As Investors Ignore Market Crash And Panic

Highlight:

• Despite significant declines in both cryptocurrency and traditional markets, investments into Australia’s pioneering Bitcoin-backed ETF, Monochrome’s IBTC, have remained robust, fueled by Australian investors seizing opportunities to buy during dips.
• Jeff Yew, CEO of Monochrome, announced that IBTC achieved a daily trading volume record yesterday, concluding with net capital inflows into the fund.
• The prevailing market downturn is widely attributed to the unwinding of Japanese carry trades, a consequence of the Bank of Japan’s decision to hike interest rates from 0% to 0.25%.

Despite the turmoil in the markets, the recent “cryptogeddon” hasn’t dampened Australians’ enthusiasm for Bitcoin.

Inflows into the Monochrome Bitcoin ETF (IBTC), the pioneer Australian ETF holding Bitcoin directly, have soared to record levels in recent weeks. Notably, the fund’s assets under management expanded from 85 BTC to 100 BTC within just two weeks, from July 15 to July 28.

Monochrome Bitcoin ETF (Ticker: $IBTC) AUM as of 02/08/24 pic.twitter.com/Uc1BZkXG4R

— Monochrome (@MonochromeAsset) August 5, 2024

Even as the Japanese economy grapples with significant distress over the past few days, negatively impacting both global stock markets and the cryptocurrency landscape, IBTC achieved a record daily trading volume yesterday. This underscores Aussie investors’ eagerness to capitalize on the market downturn by accumulating Bitcoin at discounted prices.

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Monochrome Bitcoin ETF Bucks Trend as Aussies Bag A Bargain

Over the past week, the total cryptocurrency market capitalization has suffered a steep decline of approximately 25%, as per CoinGecko data. However, amidst this significant market drawdown, investments into Monochrome’s Bitcoin spot ETF have remained resilient, maintaining a robust trend over the preceding months.

On July 31, the Monochrome fund’s assets under management (AUM) stood at AU 10.64 million, up over 34% from the July 15 figure of AU$7.93 million.

Jeff Yew, CEO of Monochrome, revealed that yesterday, amidst the crypto market’s turmoil, witnessed an all-time high trading volume for the Bitcoin ETF, with nearly 137,000 units exchanged, totaling AU$1.16 million in value.

Today is an ATH volume day for $IBTC:

136.88k units traded, total value $1.16M AUD.

Go #Bitcoin, go #Australia! 🇦🇺

— Jeff Yew (@jeffyew_) August 5, 2024

The Monochrome CEO later commented on his post, saying the day ended with net inflows and congratulating Aussies for buying the dip:

Net in-flow. Good job Australia.

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Good Times, Bad Times and Carry Trades

The past week has proven challenging for both traditional and cryptocurrency markets, with a confluence of factors contributing to a tumultuous trading landscape. Market analysts have largely attributed the market downturn to the unraveling of the ‘carry trade’ strategy prevalent in Japan. This approach involves traders leveraging the low-interest rates of the Japanese Yen to borrow funds, convert them into USD, and subsequently invest in US equities.

Unfortunately, Japan’s central bank decided to lift interest rates from 0% to 0.25% last week. While it’s a relatively small increase, it was enough to cause huge losses for many traders, triggering a sell-off of liquid assets—such as shares and crypto—to cover their mounting losses.

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