HODL15Capital statistics indicate that the balance of Bitcoin held on exchanges has reached a six-year low, suggesting that investors may be more inclined to hold Bitcoin for the long term. In addition, according to Bloomberg, Australia is expected to launch a Bitcoin spot ETF by the end of the year, which is expected to further drive positive developments in the cryptocurrency market.
The balance of cryptocurrencies held in exchanges is an analytical indicator used by investors to assess potential selling pressure in the market. Typically, when a large amount of cryptocurrencies is transferred to exchanges, it may indicate that investors are preparing to sell these assets, thus driving down the price of the coins. Conversely, it represents that investors may want to hold for the long term, so they transfer Bitcoin to external cold wallets.
According to the latest statistics from HODL15Capital, the balance of Bitcoin on exchanges is currently at a six-year low, having decreased by 8% since 2024.
This downward trend may indicate that market participants have an optimistic outlook on future price movements, which may further support the stable rise in Bitcoin prices and bring positive impact to the entire cryptocurrency market.
In the past month, over 39,425.01 BTC has flowed out of exchange wallets, as shown by the latest data from Coinglass. Although Bitcoin has been oscillating between 62,000 and 65,000 recently, 991.81 BTC has flowed into exchange wallets in the past 7 days. However, as of the time of writing, the total balance of Bitcoin in exchange wallets is 1,732,603.52 BTC, still at a historical low.
It is worth mentioning that following the approval of Bitcoin spot ETFs in the United States and Hong Kong, Australia may also be expected to launch one by the end of this year. According to Bloomberg, the Australian Securities Exchange (AXS), which handles about three-fourths of the country’s stock trading, is expected to approve a Bitcoin spot ETF by the end of this year.
The issuers currently submitting applications include BetaShares, headquartered in Sydney. Justin Arzadon, the digital asset manager, stated that the inflow of funds into Bitcoin spot ETFs in the United States proves that digital assets will continue to exist. The company has reserved ASX stock codes for Bitcoin and Ethereum spot ETFs. Another local company, DigitalX Ltd., has also filed an application in February. Additionally, VanEck, which already offers ETFs in the United States and Europe, has resubmitted its application to AXS in February.
A spokesperson for the Australian Securities Exchange stated that the exchange continues to engage with issuers interested in launching ETFs based on cryptocurrencies but has not confirmed a specific timetable.
The report states that Australia’s AUD 2.3 trillion ($1.7 trillion) retirement savings market, especially self-managed superannuation funds (which account for about one-fourth of retirement assets), may be potential buyers of Bitcoin spot ETFs. Jamie Hannah, the Deputy Head of Investments and Capital Markets at VanEck Australia, said:
In fact, Australia already had a Bitcoin spot ETF launched two years ago on CBOE Australia (formerly known as Chi-X Australia, which is smaller in scale than AXS). This is the second wave of Bitcoin spot ETF launches.
Specifically, Cosmos Asset Management launched a Bitcoin spot ETF in 2022, but it was later withdrawn due to insufficient capital inflows. In the same year, the Global X 21Shares Bitcoin ETF was also listed and currently has assets of approximately $62 million. Additionally, Monochrome Asset Management, the company owned by former Binance Australia CEO Jeff Yew, recently applied to launch another Bitcoin spot ETF on CBOE Australia.
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