Crypto exchange-traded funds a fizzer on debut

Crypto exchange-traded funds a fizzer on debut

Rather than the explosive debut that some had expected when the first cryptocurrency tracking exchange-traded funds (ETFs) listed for trading, plunging crypto prices saw the funds bank far less money than expected, as spooked investors shied away from the new products. Touted as bringing crypto investing to the masses, interest was anything but stellar on their first day of trading on the Cboe exchange – a rival to the Australian Securities Exchange. The ETFs – two that track the price of market leader bitcoin and a third that tracks ethereum – garnered less than $1 million each from investors. That was likely because of a 20 per cent dive in the value of bitcoin over the past month, and a fall of about 40 per cent since the start of …
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