Australia’s premier cryptocurrency ETF provider comments on FTX downfall

Australia’s premier cryptocurrency ETF provider comments on FTX downfall

Following recent events in global cryptocurrency markets, please see the below statement from Global X ETFs Australia’s CEO, Evan Metcalf.

Global X has strong conviction in digital assets and has no plans to close any crypto ETPs. On the contrary, Global X plans to launch additional digital assets products in markets around the world. We will have more information about our future product plans in due course and we continue to believe in the long-term investment case for digital assets.

Global X ETFs Australia is soon to be the only provider in the country with Ethereum and Bitcoin backed ETF products – the Global X 21Shares Ethereum ETF (Ticker: EETH) and the Global X 21Shares Bitcoin ETF (Ticker: EBTC).

Metcalf says that flows in these products have been slow, largely because investors are not yet comfortable with cryptocurrency as an asset class.

“The removal of cryptocurrency ETFs from Australia exchanges and the collapse of crypto exchange FTX, may make some local investor wary of the space,” Metcalf said.

“We also acknowledge prices of major cryptocurrencies such as Ether and Bitcoin are down this year-to-date – however, we believe investors need to take a longer-term view on the potential of crypto and blockchain technology.”

“When the markets recover from recent events, including the FTX collapse, we anticipate flows into cryptocurrencies and related ETFs such as EETH and EBTC will rise accordingly.”