How is the Bitcoin ETF (EBTC) performing compared to the ASX on Friday?

A rich buisnessman buys luxury items with BitcoinA rich buisnessman buys luxury items with Bitcoin

Thursday saw the long-awaited launch of the ETFS 21Shares Bitcoin ETF (CXA: EBTC).

As the Motley Fool reported here yesterday, EBTC joined Cosmos-Purpose Bitcoin Access ETF (CXA: CBTC), which also premiered on the Cboe Australia exchange on Thursday.

EBTC and CBTC are the first Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) Down Under to invest in the crypto itself, rather than related assets and crypto companies.

Atop those two new crypto ETFs, the ETFS 21Shares Ethereum ETF (CXA: EETH) made its debut yesterday as well, also on Cboe rather than the ASX.

First day marred by UST crypto implosion

First-day trading volumes in all three ETFs came in below expectations. That was most likely in good part due to the turmoil gripping crypto markets yesterday, following the implosion of not-so stablecoin TerraUSD (CRYPTO: UST) and the token meant to keep it pegged to the US dollar, Terra (CRYPTO: LUNA).

Nonetheless, Cboe Australia’s CEO Vic Jokovic sounded an optimistic note in looking forward (courtesy of The Australian Financial Review).

“Investors have embraced this latest market innovation by trading across all three new funds on day one,” he said. “We’re looking forward to watching the funds’ progress over time.”

How is the Bitcoin ETF (EBTC) performing compared to the ASX?

With the end of day two of trading fast approaching, here’s how the Bitcoin ETF (EBTC) is performing today compared to the ASX.

In truth, both are having an excellent day.

Following yesterday’s sharp fall, the All Ordinaries Index (ASX: XAO) is up 1.8% in late afternoon trading.

EBTC is charging well ahead of that, up 13.6%, with $315,000 worth of trades transacted so far today. That gain is largely in line with gains in the Bitcoin price since the token’s plunge amid yesterday’s wider crypto rout.

CBTC, meanwhile, is up 14.0%. While the Ethereum (CRYPTO: ETH) ETF, EETH has gained 15.2%.

With those kinds of gains coming in on day two, volume levels may also pick up over the coming days.

The post How is the Bitcoin ETF (EBTC) performing compared to the ASX on Friday? appeared first on The Motley Fool Australia.

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More reading

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin, Ethereum and Terra. The Motley Fool Australia has positions in and has recommended Bitcoin, Ethereum and Terra. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia

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