Bitcoin ETFs Gain Fresh Momentum Amid US Inflow Surge and Thailand Listing

By Aaron Feuerstein June 05, 2024 In Bitcoin, ETFs, Stock Market
Large transparent Glass Bitcoin in center and on top of the Country Flag of Thailand
  • Australia, the United States, Hong Kong, the United Kingdom have recently listed Spot Bitcoin ETFs; Thailand is the newest addition.
  • Thailand’s SEC has approved ONEAM to launch the country’s first Spot Bitcoin ETF for institutional investors by June 6.
  • Despite increasing ETF inflows in the US, Bitcoin’s price remains unaffected, raising questions about the impact of these funds on market prices.

Australia, the United States, Hong Kong, the United Kingdom, the list of newly listed exchange-traded funds (ETFs) holding Bitcoin is growing. Enter the latest addition: Thailand.

Related: Aussie Analyst Jason Pizzino Reveals His Massive Targets for Bitcoin in June and Onward

The Securities and Exchange Commission (SEC) – yes, it’s got the exact same name as Gary Gensler’s agency – has just approved the first company to launch an ETF. One Asset Management (ONEAM) will list its fund, which is for institutional investors only, by 6 June, the Bangkok Post reports.

ONEAM says investors should be able to receive 8.9% in annual returns but recommends allocating only 5% of a portfolio to BTC, citing the associated risk.


A second fund by MFC Asset Management is still pending SEC approval.

US Funds Add US$2.4 Billion in 15-Day Streak

Meanwhile, over in the US, the funds are picking up steam after an earlier period of outflows. According to data from Farside, these funds are now seeing consistent net inflows for 15 days in a row.

BTC ETF inflow in US$m, source: Farside Investors

Bloomberg Senior ETF analyst Eric Balchunas commented on the streak, saying the recovery after a period of some “nasty” sell-offs was “rare for hot sauce type strategies” and indicates resilience.

The bitcoin ETFs on a 15-day inflow streak, pulled in $2.4b in the past month (only two ETFs have taken in more $SPY & $VOO).

Eric Balchunas

While the streak seems good news, the price of BTC has not really reacted all that much to the increase in ETF buying. Which has some question the impact or lack thereof of these funds on price, given the size of the inflows.

Meanwhile, in another interesting development, the estimated value of BTC transactions has reached over US$25 billion (AU$37.6 billion), marking the highest in USD in the past 12 months.

Bitcoin’s on-chain transaction value is a significant metric because it provides insights into the actual economic activity occurring on the Bitcoin network, beyond mere price fluctuations.

Total estimated value in BTC of transactions on the blockchain, source: reveals that over 367,000 BTC were moved in late May, a number not seen since 13 June 2022, when 519,000 BTC had been moved. At that time, the USD value of Bitcoin was much lower; therefore, the total USD value was also much lower.

Large transaction values combined with increased transaction count can indicate a robust and active network, while a high value driven by only a few transactions might suggest concentration of wealth, which can lead to volatility and governance issues.

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Aaron Feuerstein

Aaron Feuerstein

Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.

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