Monochrome Asset Management, in partnership with Vasco Trustees Limited, has applied to list the Monochrome Ethereum ETF (Ticker: IETH) on Cboe Australia. Designed to passively hold Ethereum, the IETH ETF offers retail investors a regulated pathway to invest in the world’s second-largest cryptocurrency by market capitalization. This move is set to provide a secure and structured investment opportunity in the burgeoning crypto market.

Following the successful introduction of the Monochrome Bitcoin ETF (Ticker: IBTC) in June, the new Ethereum ETF aims to enhance the spectrum of regulated cryptocurrency investment vehicles available to Australians. The ETF’s structure as a dual-access fund will further accommodate both cash and in-kind transactions, making it accessible for diverse investor needs.

Pending regulatory approval, IETH is expected to begin trading on Cboe Australia by the end of September 2024. Upon launch, it will be accessible through major brokerage platforms, marking a significant milestone in mainstream crypto investments in Australia.

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U.S. spot Bitcoin ETFs witnessed a significant exodus of funds, with $287.8 million withdrawn across the listed ETFs yesterday, marking the largest single-day outflow since May 1, Farside Investors data reveals. According to Arkham data, the only ETF that did not experience withdrawals was BlackRock, which reported zero outflows.

Fidelity’s ETF led the withdrawals, selling $162 million worth of Bitcoin. Grayscale followed with $50 million in outflows, while Ark and Bitwise reported $34 million and $25 million, respectively. Despite these substantial outflows,…

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Zurich Cantonal Bank (ZKB), Switzerland’s fourth-largest bank, has launched cryptocurrency trading and custody services, marking a significant expansion of its financial offerings. Clients can now trade and store Bitcoin and Ethereum directly through ZKB’s existing digital platforms, such as ZKB eBanking and ZKB Mobile Banking. The bank has partnered with Crypto Finance AG, a Deutsche Börse Group subsidiary, to facilitate these transactions.

ZKB’s crypto services are available not only to its clients but also as a business-to-business solution for other Swiss banks. Thurgauer Kantonalbank is the first to adopt this service, enabling its customers to access the crypto market securely through ZKB’s infrastructure.

This move reflects ZKB’s ongoing efforts to embrace blockchain technology, following its involvement in pioneering digital bond issuance on the SIX Digital Exchange and participating in the Swiss National Bank’s digital currency pilot project. The bank’s initiative highlights the growing acceptance and integration of cryptocurrency services within Switzerland’s financial sector.

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The U.S. Bitcoin ETFs have seen varied activity in their daily net flows as of September 4, 2024. BlackRock’s IBIT ETF maintains a stable position with no net inflow or outflow recorded, holding a substantial 357,509 BTC. In contrast, the Grayscale Bitcoin Trust (GBTC) and Fidelity’s FBTC have experienced notable outflows of -1,625 BTC and -2,835 BTC respectively.

Other ETFs such as ARK Invest’s ARKB and Bitwise’s BITB also faced declines, recording net outflows of -579 BTC and -430 BTC. Conversely, VanEck’s HODL and Invesco Galaxy’s BTCO ETFs reported no changes in their holdings. On a smaller scale, Valkyrie’s BRRR and Franklin Templeton’s EZBC noted outflows of -44 BTC and -145 BTC.

Overall, the total holdings across all listed ETFs amounted to 905,248 BTC, with a combined net outflow of -5,659 BTC, equivalent to approximately $330.1 million. This data provides a snapshot of investor sentiment and market movements within the U.S. Bitcoin ETF sector, reflecting a day of varied investor activity and adjustments in holdings.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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