HODL15Capital’s statistics indicate that the balance of Bitcoin on exchanges has reached a six-year low, suggesting that investors may be more inclined to hold Bitcoin for the long term. Additionally, according to Bloomberg, Australia is expected to launch a Bitcoin spot ETF by the end of the year, which could further promote positive developments in the cryptocurrency market.
The balance in cryptocurrency exchanges is an analysis indicator used by investors to assess potential selling pressure in the market. Typically, when a large amount of cryptocurrency is transferred to exchanges, it may indicate that investors are preparing to sell these assets, thereby driving down the price. Conversely, it signifies that investors may want to hold for the long term when Bitcoin is exported to external cold wallets.
According to the latest statistics from HODL15Capital, the balance of Bitcoin on exchanges is currently at a six-year low, having decreased by 8% since 2024.
This downward trend may indicate that market participants are optimistic about future price movements and may further support the stable rise in Bitcoin’s price, bringing positive impact to the entire cryptocurrency market.
In the past month, over 39,425.01 BTC has flowed out of exchange wallets, as shown by the latest data from Coinglass. Although Bitcoin has been fluctuating between 62,000 and 65,000 recently, 991.81 BTC has flowed into exchange wallets in the past 7 days. However, as of the deadline, the total balance in exchange wallets is 1,732,603.52 BTC, still at a historical low.
Australia’s AXS is expected to launch a Bitcoin spot ETF by the end of the year. Following the approval of Bitcoin spot ETFs in the United States and Hong Kong, Australia may also have the opportunity to launch one by the end of this year. According to Bloomberg, the Australian Securities Exchange (AXS), which handles about three-quarters of the country’s stock trading, is expected to approve a Bitcoin spot ETF by the end of this year.
The issuers currently submitting applications include BetaShares, headquartered in Sydney. Its digital asset manager, Justin Arzadon, stated that the inflow of funds into Bitcoin spot ETFs in the United States proves the continued existence of digital assets. The company has reserved ASX stock codes for Bitcoin and Ethereum spot ETFs. Another local company, DigitalX Ltd., has also applied, as mentioned in their half-year performance report in February. Additionally, VanEck, which already offers ETFs in the United States and Europe, has resubmitted an application to AXS in February.
A spokesperson for the Australian Securities Exchange stated that the exchange continues to engage with issuers interested in launching ETFs based on cryptocurrencies but has not confirmed a specific timetable.
The report suggests that Australia’s AUD 2.3 trillion retirement market, especially self-managed retirement funds that allow individuals to choose investments (accounting for about a quarter of retirement assets), may be the buyers of Bitcoin spot ETFs. Jamie Hannah, Deputy Head of Investments and Capital Markets at VanEck Australia, stated:
In fact, Australia already launched a Bitcoin spot ETF two years ago on CBOE Australia (formerly known as Chi-X Australia, which is much smaller than AXS). This is the second wave of Bitcoin spot ETFs.
Specifically, Cosmos Asset Management launched a Bitcoin spot ETF in 2022, but it was later withdrawn due to insufficient fund inflows. In the same year, Global X 21Shares Bitcoin ETF was also listed and currently has approximately $62 million in assets. Additionally, Monochrome Asset Management, the company owned by former Binance Australia CEO Jeff Yew, recently applied to launch another Bitcoin spot ETF on CBOE Australia.
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