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Australian Crypto ETF Listings Kick Off With Low Volumes Amid Crypto Correction
Investors opted for a cautious approach during intense volatility on the opening day of three crypto funds.
Updated May 11, 2023, 4:22 p.m. Published May 12, 2022, 8:36 a.m.
Three crypto exchange-traded funds (ETF) opened to investors in Australia on Thursday, with a slow start being attributed to an 18-month low for bitcoin (BTC).
- The Cosmos Asset Management ETF, which invests in bitcoin through the Canadian Purpose Bitcoin ETF, saw $250,000 in trading volume across the first hour before hitting $400,000 by 1 p.m. in Sydney.
- The ETFS 21Shares Bitcoin ETF experienced similar volumes, while the ETFS 21Shares Ethereum [ETH] ETF had around $150,000 in the first hour of trading.
- The volumes were well below the expected $1 billion inflow of capital into these ETFs, according to a report by AFR. Bitcoin dropped to levels not seen since 2020 on Thursday, and the total crypto market cap lost 16% overnight.
- ETF Securities head of distribution Kanish Chugh said that trading had been "relatively muted."
- "The extreme volatility in crypto has caused some investors interested in crypto to sit on the sidelines and wait for calm. This is a challenging market for a crypto ETF launch," Chugh added.
- In a bid to incentivize volume and appeal to market makers, Cosmos waived fees for the first two months.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Tom Lee urges BitMine shareholders to approve share increase ahead of January 14 vote
The chairman of the former bitcoin miner-turned-ether treasury firm reiterated his view that Ethereum is the future of finance.
What to know:
- Tom Lee, chairman of Bitmine Immersion (BMNR), urged shareholders to approve an increase in the company's authorized share count from 500 million to 50 billion.
- Lee assured shareholders that the increase is not intended to dilute shares, but instead to enable capital raising, dealmaking, and future share splits.
- Shareholders have until January 14 to vote on the proposal, with the annual meeting scheduled for January 15 in Las Vegas.
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