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Thailand's SEC has approved its first Bitcoin ETF for institutional investors, as U.S. spot ETH ETF approval leads to $3 billion in Ether exiting exchanges, highlighting growing demand and security concerns.
Thailand SEC Approves First Bitcoin ETF for Institutional Investors, ONEAM to Offer Investment in Global Bitcoin Funds
Local media outlets report (via The Crypto Times) that Thailand's Securities and Exchange Commission (SEC) has approved the inaugural Bitcoin exchange-traded fund (ETF) to commence operations within the nation. From May 31 to June 6, One Asset Management (ONEAM) is a leader in the industry by offering one bitcoin ETF of funds (ONE-BTCETFOF-UI) to affluent and institutional investors that are not hedged and not intended for retail investors.
The fund will allocate its investments to eleven prominent international Bitcoin funds that ensure liquidity, adhere to international storage standards, and are subject to regulatory compliance oversight by the United States and Hong Kong.
“Digital assets are an alternative asset that have low correlation with other financial assets. They are suitable to help investors diversify investment risks,” explained Pote Harinasuta, ONEAM’s chief executive. “Although the supply of Bitcoin is limited at 21 million, demand is rising as it gains popularity. We see high growth potential for Bitcoin.”
As per his assertion, Bitcoin has generated an extraordinary average annual return of 124% with a volatility rate of 83% over the preceding eleven years. With increased but manageable risk levels, ONEAM recommends allocating approximately 5% of portfolios to Bitcoin, which is anticipated to generate an annual return of 8.9%.
According to Harinasuta, although Bitcoin continues to be a highly volatile asset, its integration with conventional assets may increase expected returns but reduce risk-adjusted performance.
In the wake of U.S. SEC approvals contributing to the global expansion of crypto ETFs, the Thai fund addresses a significant investor concern: secure storage. "Investing directly raises risks like data breaches and theft that ETFs avoid by using institutional-grade offline custody," Harinasuta said.
U.S. Approval of Spot Ether ETFs Triggers $3 Billion Exit from Centralized Exchanges, Sparking Supply Scarcity Concerns
A report indicates that since the United States approved spot Ether exchange-traded funds (ETFs), more than $3 billion worth of Ether has left centralized cryptocurrency exchanges over the past week.
The Securities and Exchange Commission (SEC) approved identifying Ethereum ETFs on May 23. A significant withdrawal of approximately 797,000 Ether (equivalent to $3.02 billion) was executed from centralized cryptocurrency exchange platforms within a week, suggesting the potential emergence of a forthcoming scarcity in supply.
According to information provided by CryptoQuant, diminished exchange reserves indicate a decrease in the quantity of coins readily available. The fact that investors are transferring Ether to self-custody suggests they have intentions other than selling immediately.
According to data from Glassnode, which BTC-ECHO analyst Leon Waidmann disclosed, the proportion of circulating Ether on exchanges has fallen to its lowest level in years, at 10.6%.
The authorization of Ether ETFs has generated anticipation regarding Ether's potential attainment of a fresh all-time high (ATH). Eric Balchunas, an ETF analyst at Bloomberg, believes that introducing Ether ETFs by the end of June could increase demand and propel prices.
Analysts expect Ether to surpass its all-time peak of $4,870, mirroring the post-spot ETF surge observed in Bitcoin. The potential price advantage of Ether can be attributed to the reduced operational costs of Ethereum validators, which result in a lower structural sell pressure in comparison to Bitcoin.
Concerns remain, however, regarding the Ethereum Trust (ETHE) managed by Grayscale, which oversees $11 billion. Significant outflows following Grayscale Bitcoin Trust (GBTC) approval could affect Ether's price dynamics.
According to CoinMarketCap, the present value of Ether is $3,794. This represents a marginal decrease of 0.13% over the previous twenty-four hours and a 23% decline from its peak. Diminished Ether reserves on exchanges and the imminent introduction of Ether ETFs impact market sentiments, which may indicate an impending bullish trend.
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