Thailand Embraces Bitcoin ETFs: ONEAM’s Milestone
Thailand’s financial landscape progresses as One Asset Management (ONEAM) makes history by launching the country’s first exchange-traded fund (ETF) providing exposure to cryptocurrencies.
Thai SEC Endorses ONEAM’s Bitcoin ETF
- The Thai Securities and Exchange Commission (SEC) approves ONEAM’s Bitcoin ETF, signaling a pivotal moment in Thailand’s regulatory environment for digital assets.
- The One Bitcoin ETF Fund of Funds, exclusively targeting institutional investors and high-net-worth individuals, receives the regulatory green light.
- Retail investors are not eligible to participate in this fund.
Thailand’s Bitcoin ETF Distribution by June 6
- The ONE Bitcoin ETF Fund will be distributed between May 31, 2024, and June 6, 2024.
- The distribution follows regulatory amendments implemented by the SEC in April, enabling restricted Bitcoin ETFs for institutional investors.
- Thailand aligns itself with other jurisdictions like the US, Hong Kong, Australia, and the UK that have embraced Bitcoin ETFs.
ONEAM’s Bitcoin ETF Strategy
- The approved ETF will invest in 11 globally recognized Bitcoin funds, ensuring liquidity and security for investors.
- Offering exposure to Bitcoin within a regulated framework helps mitigate risks like theft associated with holding Bitcoin directly.
- ONEAM’s regulatory approval contrasts with another Thai firm, MFC Asset Management, awaiting clearance for its Bitcoin ETF product.
US Bitcoin ETFs Experience Inflows
In the US, spot Bitcoin ETFs have witnessed 15 consecutive days of net inflows, attracting $105 million on the latest trading day.
The sustained net inflows coincide with Bitcoin briefly surpassing the $70,000 mark, then retracing to its familiar trading range.
Correction Phase Ending
- Analysts from Bitfinex indicate that the correction phase may be concluding, with long-term holders starting to accumulate Bitcoin after a selling-off period.
- Blockchain data shows an increase in accumulation addresses for both Bitcoin and Ethereum, suggesting growing bullish sentiment among investors.
- This trend persists despite recent price stability, as highlighted in Bitfinex’s analysis using data from CryptoQuant.
Hot Take: Thailand’s Bitcoin ETF Pioneers New Investment Avenues
Thailand’s foray into Bitcoin ETFs through ONEAM’s landmark approval signifies a major step towards embracing digital assets within its financial system.
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