Spot Bitcoin exchange-traded funds (ETFs) are gaining momentum globally, highlighted by a recent regulatory decision in Thailand.

Following the approval of these products by the US Securities and Exchange Commission (SEC) in January, they have seen significant inflows after a recent decline in volumes.

Thailand Approves Bitcoin ETF

Thailand’s Securities and Exchange Commission (SEC) has reportedly approved ONE Bitcoin ETF Fund by One Asset Management (ONEAM), making it the country’s first Bitcoin ETF.

The ETF is part of ONEAM’s Unhedged fund, typically not available to retail investors. The fund aims to enhance liquidity and safety by investing in 11 top global funds based in Hong Kong and the US. It also ensures its coin storage policy aligns with international standards.

ONEAM CEO Pote Harinasuta lauded the approval, describing the product as a viable alternative to other financial assets. He emphasized that it allows investors to diversify their assets and manage investment risks.

This approval marks Thailand as the second Asian country to endorse a spot Bitcoin ETF. In April, Hong Kong authorities approved several Bitcoin and Ethereum ETFs. Despite facing volume challenges, other Asian regulators are showing interest in launching similar products.

‘Staying Power’

Bloomberg senior ETF analyst Eric Balchunas, citing Bloomberg Intelligence data, reported that US-based spot Bitcoin ETFs recorded 15 consecutive days of net inflows.

These ETFs attracted $2.4 billion in inflows over the past month, second only to the SPDR S&P 500 ETF Trust and Vanguard S&P 500 ETF. This brings the year-to-date total for Bitcoin ETFs to approximately $14 billion.

Although there have been occasional days of zero flows and outflows, Balchunas noted that the current streak demonstrates the “staying power” of Bitcoin ETFs. The 15-day streak is the second-longest positive run since the ETFs began trading in January, when they saw 17 consecutive days of inflows.